Any tax credit experts around?

[jsflynn603]

I bought a pellet stove back in 2009. I can't remember the tax credit but it was substantial.

I'd like to buy one (for a different residence) now and I see $300 subject to a $500 lifetime cap.

But I'm confused. Does the current lifetime cap of $500 relate back to what I took as a credit four years ago?

Thanks

 

[john193]

Yes. It is a one time deal. I was in your exact situation. You are only eligible for the amount below the cap. In 2009 it was 30% or $1500, whichever was smaller.

 

[kinglew]

1. there is a 1500 max cap of total energy credits .windows doors siding roof appliance stove etc .example receive 1500 tax credit for energy star metal roof bought stove this year use the max no credit no dice . it is the total cap for all energy credits since the start of them from obama waste stimulus .this info is what my account who does all my taxes explain to me .i hope this help

 

[saladdin]

I bought a pellet stove back in 2009. I can't remember the tax credit but it was substantial.

I'd like to buy one (for a different residence) now and I see $300 subject to a $500 lifetime cap.

But I'm confused. Does the current lifetime cap of $500 relate back to what I took as a credit four years ago?

Thanks

I'm no CPA.

Yes. That cap is for the lifetime of that credit, not annual. If you used the 500 up last year, it is gone and can't be used again. Once you fill out your taxes the form will ask for previous years energy credits taken. Pull out old returns, enter the prior years amounts. If over the cap, no dough for you.


Form 5695


Lines 20a Through 20f


Enter the nonbusiness energy property credits that you took in 2006, 2007, 2009, 2010, and 2011 on the appropriate lines. If the total of the credits already taken is $500 or more, you generally cannot take this credit in 2012.

 

[saladdin]

1. there is a 1500 max cap of total energy credits .windows doors siding roof appliance stove etc .example receive 1500 tax credit for energy star metal roof bought stove this year use the max no credit no dice . it is the total cap for all energy credits since the start of them from obama waste stimulus .this info is what my account who does all my taxes explain to me .i hope this help

So this credit begain in 2006 but Obama was elected in ...what year?

Please keep the politics to yourself, especially when spewing lies.

 

[kinglew]

So this credit begain in 2006 but Obama was elected in ...what year?

Please keep the politics to yourself, especially when spewing lies.

in speak the in my humble opinion .the facts almost 17 trillion in debt .food stamp king 5 years of bad economy higher taxes for working folks .force medical cost up . nations standing with other country's at all time low governments nsa tracking Americans private lives the list goes on i believe in the constitution and freedom. sorry it ruffle your feathers !

 

[kinglew]

energy credit began from the stimulus. ask a tax professional and you will be enlighten

 

[kinglew]

American Reinvestment and Recovery Act (ARRA) 2009
Most recently, wind energy policy has continued through the American Recovery and Reinvestment Act of 2009 (P.L. 111-5), signed into law by President Obama. I

 

[sinnian]

American Reinvestment and Recovery Act (ARRA) 2009
Most recently, wind energy policy has continued through the American Recovery and Reinvestment Act of 2009 (P.L. 111-5), signed into law by President Obama. I

• On October 3rd, 2008, President George W. Bush signed, into law, the Emergency Stabilization Act followed by President Barack Obama signing, into law, the American Recovery and Reinvestment Act of 2009 (ARRA) on February 17th, 2009.

• The combined effect of these two laws provides a 30% Tax Credit on both the purchase and installation of qualifying products in renewable technologies such as; Solar Electric Property, Residential Solar Water Heating, Qualified small wind energy and qualified Geothermal Heat pump energy as well as others.

 

[saladdin]

American Reinvestment and Recovery Act (ARRA) 2009
Most recently, wind energy policy has continued through the American Recovery and Reinvestment Act of 2009 (P.L. 111-5), signed into law by President Obama. I

Please stop.

The Energy Policy Act of 2005

Federal tax credits for residential energy property has been around before President Obama.

 

[kinglew]

refer to post nine sinnain post has it right

 

[stoveguy2esw]

basically, each "act" is a seperate entity in a way, while some were signed into law by the BO, the ones which came from before he was sworn in were signed by the then president "W" . not a partisan thing here , just programs which helped folk in changing over to a greener method of heating as well as other energy saving upgrades.

 

[ScotL]

You know the worst thing about these credits? I picked the wrong year to install my boiler and I got absolutely nothin'. 1 year earlier or 1 year later and I'd have seen a credit.

On this same subject, are there any tax credits this year for heat pumps? Not the heat pump water heaters but the heat pump AC/Heating mini-split units. I've been looking for anything in Maine but have found nothing.

 

[stoveguy2esw]

check manufacturer sites , for instance , with our (and im sure everyone elses) pellet and wood stoves , we have a copy of the required tax credit certificate on our website, you may find a similar one on the sites of the heat pump manufacturers if such a creti is availible i suspect it would be there as it actually makes a great selling point for "on the fence" buyers

 

[BrotherBart]

You know the worst thing about these credits? I picked the wrong year to install my boiler and I got absolutely nothin'. 1 year earlier or 1 year later and I'd have seen a credit.

Try one week. Refrigerator died last Sunday, I had a new one Energy Star one delivered and installed Wednesday and now today and tomorrow is a sales tax holiday for energy efficient appliance purchases in Virginia.

 

[kenstogie]

I am not going to get into the politics of it all ...... but there's some good info here.

 

[krooser]

Isn't the ARRA going away this year? My blind friend has been informed his food stamp allowance is going down since the ARRA expires this year... maybe all the tax credits are done, too.