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  1. McKraut

    McKraut Member

    Joined:
    Sep 1, 2011
    Messages:
    243
    Loc:
    South Central PA
    It's that time of year to give more of my money to my friends in the government. I was reading that I can claim up to $300 of the cost of the EKO Biomass 60 I bought last year according to this:
    http://www.dsireusa.org/incentives/incentive.cfm?Incentive_Code=US43F&re=1&ee=1
    According to the IRS Form 5695 line 24b, the maximum I can claim is $150. Any of you folks tax wizards that would know how this works? The more of my money I can keep, the happier I am.

    Thank you,

    Bob

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  2. Fred61

    Fred61 Minister of Fire

    Joined:
    Nov 26, 2008
    Messages:
    1,783
    Loc:
    Southeastern Vt.
    According to the document it's a tax credit and not a deduction and may go on another form. Credits are always better than deductions because you get the full value off the bottom line of your tax due. If you haven't taken the full $500.00 allowed in the past for energy improvements you should be eligable. I will try to find out more about this and get back to you.
  3. Norwegian Wood

    Norwegian Wood New Member

    Joined:
    Jan 26, 2013
    Messages:
    28
    Loc:
    Southwest Connecticut
    It look like it's $300:


    • Biomass stoves that use "plant-derived fuel available on a renewable or recurring basis, including agricultural crops and trees, wood and wood waste and residues (including wood pellets), plants (including aquatic plants), grasses, residues, and fibers": $300
  4. McKraut

    McKraut Member

    Joined:
    Sep 1, 2011
    Messages:
    243
    Loc:
    South Central PA
    I agree with you that it should be $300. The IRS form says it's a maximum of $150....that's the problem. I love our tax system.
  5. McKraut

    McKraut Member

    Joined:
    Sep 1, 2011
    Messages:
    243
    Loc:
    South Central PA
    Thank you for taking the time to look into it.

    Bob
  6. Fred61

    Fred61 Minister of Fire

    Joined:
    Nov 26, 2008
    Messages:
    1,783
    Loc:
    Southeastern Vt.
    McKraut

    Go to "irs.gov" and click on forms an publications (orange box on the left) then click on search, type in "form 5695" > go to page 2 and read instructions attached to the end of the form.The instructions include biomass burning units. It looks like you will be eligable for $300.00. It must be entered on line 24A.

    You must have a a certificate from the importer. I think I downloaded my certificate from New Horizon's website when I did mine.

    One thing tax preparers whine about is that people want a tax credit when they don't pay taxes so be sure you pay taxes before you apply for a credit.
  7. McKraut

    McKraut Member

    Joined:
    Sep 1, 2011
    Messages:
    243
    Loc:
    South Central PA
    Fred61,

    Thank you for looking into this for me. I really do appreciate the effort. I will take you advice and enjoy getting a little more money back. Yes, I do pay taxes so I will be able to apply for the credit.

    Bob

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