tax credit on used stove?

[Fsappo]

.....The IRS is here to fairly distribute the wealth..come on, you should know better.

"fairly distribute the wealth".......if that isn't a socialist statement, I don't know what is. There's NOTHING fair about it. The IRS thinks it been given the job of Robin Hood.

My point exactly...I feel the IRS being put into place was big brother prepping us for the coming socialism

 

[imacman]

.....I feel the IRS being put into place was big brother prepping us for the coming socialism

Yep, we're gong to be the United States of France pretty soon. Hopefully, we can survive for 3 more years.

OK, guess we better knock it off now (or the mods will send it to the Ash can)....

Hijacked the thread...Sorry!

 

[Swaybar]

The Dept of Energy web site:

(broken link removed to http://www.dsireusa.org/incentives/incentive.cfm?Incentive_Code=US43F&re=1&ee=1)


Incentive Type: Personal Tax Credit
State: Federal
Eligible Efficiency Technologies: Water Heaters, Furnaces, Boilers, Heat pumps, Air conditioners, Building Insulation, Windows, Doors, Roofs, Circulating fans used in a qualifying furnace
Eligible Renewable/Other Technologies: Biomass, Stoves that use qualified biomass fuel
Applicable Sectors: Residential
Amount: 30%
Maximum Incentive: Aggregate amount of credit for all technologies placed in service in 2009 and 2010 combined is limited to $1,500
Equipment/Installation Requirements: Equipment must be new and in compliance with all applicable performance and safety standards as described in tax code
Authority 1: 26 USC § 25C
Date Enacted: 8/8/2005 (subsequently amended)
Date Effective: 1/1/2006
Expiration Date: 12/31/2010

Summary:

The federal tax credit for energy-efficient home improvements was established by the Energy Policy Act of 2005. After expiring December 31, 2007, the credit was extended and expanded by The Energy Improvement and Extension Act of 2008 (H.R. 1424: Div. B, Sec. 302) and The American Recovery and Reinvestment Act of 2009 (H.R. 1: Div. B, Sec. 1121). The credit now applies to eligible equipment purchased between January 1, 2009, and December 31, 2010. In addition to extending the credit, H.R. 1424 and H.R. 1 strengthened the efficiency requirements for most equipment, extended the credit to stoves that use biomass fuel and asphalt roofs with appropriate cooling granules; raised the cap for the credit; and redesigned the way the credit is calculated.

The above requirement says must be new, and placed in service.

 

[durutti123]

I would rather have the "coming socialism" (snicker) than a president who would blow up the Twin Towers just to provide a cover for his military exploits to make up for his AWOL incident back during Vietnam.

.....I feel the IRS being put into place was big brother prepping us for the coming socialism

Yep, we're gong to be the United States of France pretty soon. Hopefully, we can survive for 3 more years.

OK, guess we better knock it off now (or the mods will send it to the Ash can)....

Hijacked the thread...Sorry!

 

[MCPO]

I would rather have the "coming socialism" (snicker) than a president who would blow up the Twin Towers just to provide a cover for his military exploits to make up for his AWOL incident back during Vietnam.

.....I feel the IRS being put into place was big brother prepping us for the coming socialism

Yep, we're gong to be the United States of France pretty soon. Hopefully, we can survive for 3 more years.

OK, guess we better knock it off now (or the mods will send it to the Ash can)....

Hijacked the thread...Sorry!

Where do people like you come from?

 

[Dr_Drum]

I would rather have the "coming socialism" (snicker) than a president who would blow up the Twin Towers just to provide a cover for his military exploits to make up for his AWOL incident back during Vietnam.

.....I feel the IRS being put into place was big brother prepping us for the coming socialism

Yep, we're gong to be the United States of France pretty soon. Hopefully, we can survive for 3 more years.

OK, guess we better knock it off now (or the mods will send it to the Ash can)....

Hijacked the thread...Sorry!

Where do people like you come from?

The far radical left I believe.
Mike -

 

[anka]

In response to the original quarry...

Yes, 1K for a new P-38, even with a couple seasons on it, is a steal. Retail with tax is at least $2,200.

No, apparently you can't claim it on your taxes (used) for $333.33 (not really a huge amt when considering investing in a stove).

You can always claim the credit next year with installing some sprayfoam insulation, including labor. There are multiple other ways to use the credit... I believe it even covers windows...

Anyway, I am buying a used Accentra for $2K, and would have had a hard time refusing a P38 for half that sum.

Anka

Now if they could only give me a rebate on a new chimney....

 

[MCPO]

[quote author="anka" date="1258004836"]In response to the original quarry...

Yes, 1K for a new P-38, even with a couple seasons on it, is a steal. Retail with tax is at least $2,200.

I bought mine (P-38) spring of 2008 for $500 and it came with 34 bags of pellets. Perfect condition.
The old guy used it only during the day for a couple years in a garage room sewing upholstery . His girlfriend (landlord) got sick , dumped him , moved in with her kids , and gave him a week to vacate the premises. He found a room somewhere I guess.
Poor guy had to list it immediately as he had only 3 more days to go.
Strange thing is I was all set to buy a brand new one at $1,835.00 (before price increase) the morning I saw the ad in the paper. I was the first caller and when I got there at 9:30 AM he told me he had 6 more calls.
I got real lucky that day.

 

[durutti123]

Oh, just providing an example of what a radical left hysterical looney would write. Kind of like the radical right hysterical looneys who scream that Obama is a socialist (take from one, he isn't even close).

I would rather have the "coming socialism" (snicker) than a president who would blow up the Twin Towers just to provide a cover for his military exploits to make up for his AWOL incident back during Vietnam.

.....I feel the IRS being put into place was big brother prepping us for the coming socialism

Yep, we're gong to be the United States of France pretty soon. Hopefully, we can survive for 3 more years.

OK, guess we better knock it off now (or the mods will send it to the Ash can)....

Hijacked the thread...Sorry!

Where do people like you come from?

 

[imacman]

I would rather have the "coming socialism" (snicker) than a president who would blow up the Twin Towers just to provide a cover for his military exploits to make up for his AWOL incident back during Vietnam.

Oh God...another left wing, looney toon that also believes that "conspiracy" that's been debunked numerous times. :roll:

 

[durutti123]

Son, you might want to take a read through the entire thread. Kind of ridiculed that "theory" (lol, I actually made that "theory" up) in my last message. Now want me to debunk that whole "Obama is a socialist" or were you just making fun of the radical right?

I would rather have the "coming socialism" (snicker) than a president who would blow up the Twin Towers just to provide a cover for his military exploits to make up for his AWOL incident back during Vietnam.

Oh God...another left wing, looney toon that also believes that "conspiracy" that's been debunked numerous times. :roll:

 

[Oilhater]

So can i get a tax credit on the St. Croix i bought 5 years ago? :smirk:

I believe it only works if you buy in 09 or10

Actually, you could have bought the stove in '08, but the date that you use to get the tax credit is the "date placed into service", or the day the inspector OK's it, or the day you first started using it.....that day has to be after Dec. 31, 2008.

 

[Oilhater]

So...I can get the credit in 09 for a stove I bought in 08 as long as i have the certificate from the dealer AND tell my tax guy that i didn't start it till 1/1/09???

 

[imacman]

So...I can get the credit in 09 for a stove I bought in 08 as long as i have the certificate from the dealer AND tell my tax guy that i didn't start it till 1/1/09???

The way I read it, it goes by the date that the stove is "placed into service"....if that's after Dec. 31, 2008, you should be able to claim the credit.

Don't forget that everything that is involved with the stove install can be included....pipe, high heat paint, hi heat silicone, hearth, installation costs, OAK, surge protector, etc, etc.

 

[geek]

Yep, I agree! Remember, the IRS was pretty vague in their description of the credit. That allows interpretation of it to the tax preparer (In my case, ME and TurboTax).

same boat here.....lol

 

[teetah222]

Yes. I would also include any specialty tools needed such as drill bits, hole saw, hammer drills, sawzall, blades, etc. My thinking is that if you paid someone to install it for that you'd be essentially paying for part of their tools as the cost of doing business, in a sense. Just keep all receipts.

Yep, I agree! Remember, the IRS was pretty vague in their description of the credit. That allows interpretation of it to the tax preparer (In my case, ME and TurboTax).

BTW, here's the IRS info on the subject:

www.irs.gov/pub/irs-drop/n-09-53.pdf

Folks... as far as I can tell the stove has to be new. "(b) The original use of the item commences with the taxpayer." That line is straight out of the IRS info referred to in macman's post.

 

[53flyer]

Yep, I agree! Remember, the IRS was pretty vague in their description of the credit. That allows interpretation of it to the tax preparer (In my case, ME and TurboTax).

BTW, here's the IRS info on the subject:

www.irs.gov/pub/irs-drop/n-09-53.pdf

Would this requirement limit you to new stoves?
"The original use of the item commences with the taxpayer."

As for the tools... You can do anything you want until you get audited.

Folks... as far as I can tell the stove has to be new. "(b) The original use of the item commences with the taxpayer." That line is straight out of the IRS info referred to in macman's post.

Well then the Holy Grail must be a stove being sold on CL by a person who never installed or lit a fire in it (i.e. use of item never commenced) right?

If the stove/company in the below link had more of a track record (meaning people could recommend based on experience with it) it would be the perfect fit because it would cost about $800 for a 3000sqft heating machine that takes 24' wood...

https://www.hearth.com/talk/threads/45884/

EDIT: Oops, just noticed the search I did for "tax" had taken me out of the hearth area...