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Tax deduction/ credit Home Business Wood stove

Post in 'The Hearth Room - Wood Stoves and Fireplaces' started by klain, Feb 8, 2009.

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  1. klain

    klain New Member

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    Does anyone know if you can claim a wood stove instulation ( 11/08 ) for a tax deduction/ credit for a home business.
    I am familiar with the tax credit for 2009. But was told this could be a asset for the business. This does not seem right to me. I could see it being a utility expense for a home business. Just wondering if someone has come across this? Thanks

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  2. BrotherBart

    BrotherBart Hearth.com LLC Mid-Atlantic Division Staff Member

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    Mine that heats the whole house was taken as the percentage deduction on Schedule C based on the home office space allocation and the one in the office was taken as a direct business expense deduction as was the one that heats the small warehouse. No different than any other improvement/maintenance expenses. If you purchase the wood the same applies.

    Talk to your tax professional. Internet tax advise is notoriously wrong.
  3. billjustbill

    billjustbill Member

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    Unless it is a business deduction for 2008, or can be shown like the fractional part of your home's utility expense if your business office is inside your house, there were no tax credits last year.

    In addition, the 2009 guidelines say a "Bio-mass stove" must be installed in your HOME and must have at least a 75% eff. rating... unless it has to do with wind power or solar panels, all the Federal Level tax credit you can get for 2009 is a TOTAL of $500, and that is base on only Material Costs, not labor... Not much of a tax credit, is it??

    Here is a link to the energy credits for 2009; they all have to be on your primary home....

    http://www.energystar.gov/index.cfm?c=products.pr_tax_credits

    Bill
  4. precaud

    precaud Minister of Fire

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    That I can see, no tax credits apply. But if it heats the portion of space in your home that your business uses, you can either deduct the same percentage as your business-in-the-home calculation, or be a little more creative in the description, make it a business asset purchase, and Sec 179 it. My business got a new "exhaust venting system" last year. Gotta get those toxic fumes out of the workspace :)
  5. tkuhe

    tkuhe New Member

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    "a thermal efficiency rating of at least 75 percent"

    So I guess this rules out my Pacific insert D1 which lists efficiency at 69.3%

    DOH!
  6. begreen

    begreen Mooderator Staff Member

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    Interesting. That sounds like a more plausible reason behind the recent tweaks by Woodstock on the Fireview. Perhaps this is a better explanation than EPA Phase III prep?
  7. billjustbill

    billjustbill Member

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    About the only stoves/inserts that will qualify use Pellets...Plus, they have to be purchased on/after Jan. 1, 2009. :>(

    So, I'm wondering about those efficiency numbers...do you use the Manufacturer's "UP TO" numbers or the numbers found on the EPA's site...which are much, much lower?

    Bill
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