tax time

[yooper81]

making my annual trip to the tax man tomorrow and was wondering if i needed anything special other than a receipt for my stove.

 

[Delta-T]

nice set of legs never hurts...... :lol:

 

[firebroad]

That should do it. If you applied for any other tax credits since 2006, remember that those are subtracted from the maximum $500 credit. If you did not use the same preparer, take your old fed. tax records with you to show him/her if there are past credits.

I used up my max in 2007 and 2009. So much for encouraging people to make their homes more energy efficient.

 

[yooper81]

everything I read seems to say I get 10% of my purchase price up to $300. Knowing our Gov't, this won't include the money spent on venting.

 

[Lousyweather]

you will also need certification that your unit is included in the tax credit program...usually downlodable from the manufacturer's site

 

[Delta-T]

the credit should apply to anything you're are "required" to have to complete installation....pipe, hearth pad, ect. I'm not sure on permitting fees though.

 

[firebroad]

the credit should apply to anything you're are "required" to have to complete installation....pipe, hearth pad, ect. I'm not sure on permitting fees though.

By the time the calculations are done, unless the stove was a gift, it won't be necessary to enumerate the extras. Trust me, the credit will not be as glamorous as it is made out to be. :coolmad:
Smil

 

[Lousyweather]

the credit should apply to anything you're are "required" to have to complete installation....pipe, hearth pad, ect. I'm not sure on permitting fees though.

By the time the calculations are done, unless the stove was a gift, it won't be necessary to enumerate the extras. Trust me, the credit will not be as glamorous as it is made out to be. :coolmad:
Smil

every little bit helps!

 

[firebroad]

the credit should apply to anything you're are "required" to have to complete installation....pipe, hearth pad, ect. I'm not sure on permitting fees though.

By the time the calculations are done, unless the stove was a gift, it won't be necessary to enumerate the extras. Trust me, the credit will not be as glamorous as it is made out to be. :coolmad:
Smil

every little bit helps!

You're right, got to keep that sunny side up! :coolgrin:

 

[yooper81]

Well, I'll give it a shot. certificate, receipt for stove, and receipt for venting. no receipt for materials to construct my own pad......

 

[bbfarm]

I printed off our certificate of energy efficiency from the manufacturer website and our reciept.

tax guy didn't even look at it, just plunked in the $300 credit, but we have them in case audited.

 

[mepellet]

I don't believe I qualify for the credit In May of 2010 we had all of our windows replaced and used the credit. Probably gonna have to pay more taxes. BOOOO

 

[firebroad]

I don't believe I qualify for the credit In May of 2010 we had all of our windows replaced and used the credit. Probably gonna have to pay more taxes. BOOOO

Make sure you check it out anyway. I don't recall and don't have my 2010 booklet handy right now, but if you applied for the credit for the max allowed, you might still be able to apply for it again. For instance, this year the max amount allowed to receive is $300. BUT there is a limit of $500 that you can apply for over the span of several years. Therefore, if last years returns show $300, and you never applied for it before, you might still be eligible for at least $200 this year. I hope that makes sense.

 

[Ejectr]

I did my taxes with Turbotax and wood pellet furnaces and stoves weren't even on the list of things you could get credit for. It was all wind power and solar panel stuff. I went down the whole list and there was nothing I could use.

 

[firebroad]

see below

 

[firebroad]

I did my taxes with Turbotax and wood pellet furnaces and stoves weren't even on the list of things you could get credit for. It was all wind power and solar panel stuff. I went down the whole list and there was nothing I could use.

Lets hear it for Turbo Tax. My IRS 1040A instruction booklet specifically states bio-mass stoves as renewable/other technologies. Guess there is something to be said for dinosaurs like me who still use pencil and paper to figure our taxes.

Here is the link for the IRS form and instructions. http://www.irs.gov/pub/irs-pdf/f5695.pdf

 

[Ejectr]

I did my taxes with Turbotax and wood pellet furnaces and stoves weren't even on the list of things you could get credit for. It was all wind power and solar panel stuff. I went down the whole list and there was nothing I could use.

Lets hear it for Turbo Tax. My IRS 1040A instruction booklet specifically states bio-mass stoves as renewable/other technologies. Guess there is something to be said for dinosaurs like me who still use pencil and paper to figure our taxes.

Here is the link for the IRS form and instructions. http://www.irs.gov/pub/irs-pdf/f5695.pdf

Yes, I used to do mine with pencil and paper as well until I had to use the 1040 long form and a bazillion others along with it. I'm going to send in an ammended return. No way are they keeping my credit.

 

[firebroad]

I did my taxes with Turbotax and wood pellet furnaces and stoves weren't even on the list of things you could get credit for. It was all wind power and solar panel stuff. I went down the whole list and there was nothing I could use.

Lets hear it for Turbo Tax. My IRS 1040A instruction booklet specifically states bio-mass stoves as renewable/other technologies. Guess there is something to be said for dinosaurs like me who still use pencil and paper to figure our taxes.

Here is the link for the IRS form and instructions. http://www.irs.gov/pub/irs-pdf/f5695.pdf

Yes, I used to do mine with pencil and paper as well until I had to use the 1040 long form and a bazillion others along with it. I'm going to send in an ammended return. No way are they keeping my credit.

You should complain to TurboTax for the omission; they probably won't compensate you, but you never know... ;-)

 

[Krik]

See:

http://turbotax.intuit.com/support/...ts/Home-Energy-Credits-for-2011/GEN83990.html

it's under the "home energy credits" section in TT. And yes, TT help does list biomass stoves.

 

[Ejectr]

I did my taxes with Turbotax and wood pellet furnaces and stoves weren't even on the list of things you could get credit for. It was all wind power and solar panel stuff. I went down the whole list and there was nothing I could use.

Lets hear it for Turbo Tax. My IRS 1040A instruction booklet specifically states bio-mass stoves as renewable/other technologies. Guess there is something to be said for dinosaurs like me who still use pencil and paper to figure our taxes.

Here is the link for the IRS form and instructions. http://www.irs.gov/pub/irs-pdf/f5695.pdf

Yes, I used to do mine with pencil and paper as well until I had to use the 1040 long form and a bazillion others along with it. I'm going to send in an ammended return. No way are they keeping my credit.

You should complain to TurboTax for the omission; they probably won't compensate you, but you never know... ;-)

I'll do that as well! Good idea! You pay enough for that software, that's for sure.

 

[Ejectr]

See:

http://turbotax.intuit.com/support/...ts/Home-Energy-Credits-for-2011/GEN83990.html

it's under the "home energy credits" section in TT. And yes, TT help does list biomass stoves.

That's good to see. The "interview" they do internally in the software doesn't make this obvious or evident. I will be submitting an amendment as soon as I get my refund. Don't want to delay that.

 

[Krik]

The "interview" they do internally in the software doesn't make this obvious or evident.

It doesn't. I blame the IRS

 

[Eatonpcat]

300.00 credit for me!!