2008 Tax Credit?

[BillT]

I did a little research and it looks like there is none, but would like to verify that there is no tax credit (or tax deduction) for the purchase of a wood stove for home personal use in 2008.

Is this correct?


Thanks

Bill

 

[stoveguy2esw]

correct , the purchase would have had to be in 2009 and only for a unit over rated 75% efficient, very few log burning woodstoves will meet that standard but any EPA certified pellet stove should as default efficiency rating on pellet stoves is 78%

 

[BrotherBart]

Remember also that the magic words are "placed in service in 2009". Another ambiguous bit of wording in the tax code but one that provides some wiggle room.

 

[clearblue16]

is this federal tax? I just got a wood insert installed last week....

 

[Jay777]

correct , the purchase would have had to be in 2009 and only for a unit over rated 75% efficient, very few log burning woodstoves will meet that standard but any EPA certified pellet stove should as default efficiency rating on pellet stoves is 78%

Iirc, my wood stove was rated 79%.. can't be THAT uncommon for a new stove..

 

[moondoggy]

correct , the purchase would have had to be in 2009 and only for a unit over rated 75% efficient, very few log burning woodstoves will meet that standard but any EPA certified pellet stove should as default efficiency rating on pellet stoves is 78%

Iirc, my wood stove was rated 79%.. can't be THAT uncommon for a new stove..

according to them its only 77%
still awesome...
(broken link removed to http://www.regency-fire.com/Wood/Inserts/I2400/)

 

[Lanningjw]

correct , the purchase would have had to be in 2009 and only for a unit over rated 75% efficient, very few log burning woodstoves will meet that standard but any EPA certified pellet stove should as default efficiency rating on pellet stoves is 78%

I purchased my new BK Princess insert a couple of weeks ago (2009) .The Princess Insert PI1010A
has been tested and certified with an overall efficiency
of 82.5%!.
How much will I get back from the Tax people?
Jim

 

[fossil]

...How much will I get back from the Tax people?

Not real sure we have any CPA's here. Rick

 

[BrotherBart]

Everybody is just going to have to hang loose for a while. The bill passed in October had the 75% efficiency number in it and the max credit was $300. The stimulus bill Obama signed yesterday indicates there will be a lower efficiency number and the tax credit will be 30% of the purchase.

Film at eleven.

 

[Jfk4th]

[quote author="stoveguy2esw" date="1234989580"]correct , the purchase would have had to be in 2009 and only for a unit over rated 75% efficient, very few log burning woodstoves will meet that standard but any EPA certified pellet stove should as default efficiency rating on pellet stoves is 78%[/quot

Many Lopi stoves are over that 75% efficiency mark now so I would imagine Avalons are above that too...Good news for sure

 

[spendaviscpa]

...How much will I get back from the Tax people?

Not real sure we have any CPA's here. Rick

That hurts Rick!

 

[fossil]

...How much will I get back from the Tax people?

Not real sure we have any CPA's here. Rick

That hurts Rick!

C'mon. I didn't say anything bad about CPA's. One of my best and longest-time friends is a CPA. I just said I wasn't sure we had any here. Rick

 

[BrotherBart]

...How much will I get back from the Tax people?

Not real sure we have any CPA's here. Rick

That hurts Rick!

C'mon. I didn't say anything bad about CPA's. One of my best and longest-time friends is a CPA. I just said I wasn't sure we had any here. Rick

Actually that means that there are now two. :coolgrin:

 

[BillT]

Thanks for the replies.

I bought my stove in Sept '08. The date is on the receipt. But I will be installing it in '09. Will it possibly qualify??

Bill

 

[gibson]

Everybody is just going to have to hang loose for a while. The bill passed in October had the 75% efficiency number in it and the max credit was $300. The stimulus bill Obama signed yesterday indicates there will be a lower efficiency number and the tax credit will be 30% of the purchase.

Film at eleven.

For real? I am starting to feel stimulated....

 

[BrotherBart]

Thanks for the replies.

I bought my stove in Sept '08. The date is on the receipt. But I will be installing it in '09. Will it possibly qualify??

Bill

The IRS defines "placed in service" as when it is "available for use".

I know. Who the heck knows?

 

[sourbeer]

So, I bought my Englander 30 in January. Is it the $300.00 tax credit able to be used for 2008 taxes or is it 2009? Assuming that the Englander meets the efficiency rating, I'll have to look into that too.