Tax Credit

[Mrr211]

Hi all. Quick question. I know there is a tax credit for pellet stoves. My question is how do you know if your stove qualifies? Efficiency etc
I had a new Quad Classic installed(love it so far by the way), does anyone know if this would qualify?
Any details would be great.
You guys have all been a big help so far and I've learned quite a bit. Thank you.
Hope everyone has a nice Christmas.

 

[Jaymaine34]

I can tell you in Maine all of mine did ( qualify ) theres a limit so I didn't get full credit on all 3 .

 

[briansol]

almost all pellet stoves qualify for the fed credit:

http://www.irs.gov/uac/Form-5695,-Residential-Energy-Credits
http://www.energystar.gov/index.cfm?c=tax_credits.tx_index

not sure about your state/local stuff

 

[MarkSJohnson]

My understanding is that it's a 10% credit up to a max of $300.

Any tax professionals here? I'm curious if the install is part of the purchase, or is it only the stove itself? Say I bought a $2400 stove but also paid $1100 for a professional install (and these are on separate receipts)... do I only get $240 or do I get the full $300?

Should I ask the dealer to give me a new receipt with it all combined?

 

[chken]

My understanding is that it's a 10% credit up to a max of $300.

Any tax professionals here? I'm curious if the install is part of the purchase, or is it only the stove itself? Say I bought a $2400 stove but also paid $1100 for a professional install (and these are on separate receipts)... do I only get $240 or do I get the full $300?

Should I ask the dealer to give me a new receipt with it all combined?

I'd read the IRS form, but my understanding is that other energy credit programs included the cost of professional installation. If so, I doubt you'd need to put it on one receipt, just keep both.

 

[Mrr211]

Thanks for the responses so far. I was talking to someone at work who though that the stove had to be 85% efficient which is why I asked.
He stated that last year his accountant told him his stove was eligible. He said any equipment such as piping, liners, caps etc were also included but that labor for the install was not. However he cautioned me that he never researched it and just took the accountant's word for it.
Hopefully a tax expert reads this forum and can confirm and clarify for us.

 

[john193]

Any stove that is 75% or higher efficiency...which is pretty much every pellet stove under the sun. The install qualifies for the total price.

the tax credit is only applicable to your main residence.

 

[chken]

Thanks for the responses so far. I was talking to someone at work who though that the stove had to be 85% efficient which is why I asked.
He stated that last year his accountant told him his stove was eligible. He said any equipment such as piping, liners, caps etc were also included but that labor for the install was not. However he cautioned me that he never researched it and just took the accountant's word for it.
Hopefully a tax expert reads this forum and can confirm and clarify for us.

Usually, your mfr.'s website has a document that states it meets the EPA standard for the tax credit.

 

[boo boo]

Hi all. Quick question. I know there is a tax credit for pellet stoves. My question is how do you know if your stove qualifies? Efficiency etc
I had a new Quad Classic installed(love it so far by the way), does anyone know if this would qualify?
Any details would be great.
You guys have all been a big help so far and I've learned quite a bit. Thank you.
Hope everyone has a nice Christmas.

Yes it does as long as the stove is new and in your primary residence

 

[Mrr211]

Sounds great. Def good news after spending a ton the past couple weeks on shopping thank you all for the responses.