Tax Credit Question

[EchoWhiskeyOne]

I feel like I already know the answer to this question from what I have read, so please...go easy on me!

Ok, here goes. My wife and I just purchased our home about 8 months ago and all it had for heat in the winter was a heat pump (GAG) and they are about as INefficient as it gets for heating your home in any weather below around 40 degrees (not to mention the electricity bill the produce).

So I went down to the farm and pulled our Timberline out of storage and brought it up and had a Duratech Class A installed in the living room and put up a non-combustible wall to close the required 36" clearance gaps to combustibles for an older cast-iron woodstove like our Timberline calls for.

Now, I know that the wood stove itself is not 75% efficient or higher, but can I take in my Class A installation paperwork and receipts, etc come tax time and write off 30% of the cost, as per the tax credit proposed by the Pres, since though I didn't install a super efficient STOVE, I DID however raise the energy efficiency of our home GREATLY by not having to use the heatpump all winter long.

Sorry for the long post. Any information would be greatly appreciated.

 

[wingarcher]

Similar question, similar situation.

Installed a Hearthstone Homestead (which does qualify) last year (Sept '08) in an existing chimney. This summer we gutted the room it was in along with 1/2 the house, moved the stove, and re-installed. I've purchased 10' of Class A, a ceiling box, and built a hearth (6 sheets of Micore).

I can't take the rebate on the stove, but what about all the new install stuff? Big money in that chimney. Wonder if the stove shop would give me a receipt with a different date........ nah, probably better not to ask!

N

 

[dondude]

From what I've read you can even get a credit on installation.So your chimney as part of install should qualify. Of course no tax attorney here. If I was no free advice would be given lol

 

[wsorg]

This has more information on it: http://www.irs.gov/pub/irs-drop/n-09-53.pdf

 

[szmaine]

Similar question, similar situation.

Installed a Hearthstone Homestead (which does qualify) last year (Sept '08) in an existing chimney. This summer we gutted the room it was in along with 1/2 the house, moved the stove, and re-installed. I've purchased 10' of Class A, a ceiling box, and built a hearth (6 sheets of Micore).

I can't take the rebate on the stove, but what about all the new install stuff? Big money in that chimney. Wonder if the stove shop would give me a receipt with a different date........ nah, probably better not to ask!

N

Yah know, the IRS is not even asking people that take the $8000 first-time home-buyer refundable tax credit to prove that they actually even bought a home at all -just sayin'