Does anyone know if the tax credit would apply to used stoves that meet the 75% EPA standard. Looking @ a Lopi Freedom only 1 1/2 years old?
BrotherBart said:It is yea and verily another one of those questions that can only be answered by the IRS. The only qualification I have found is the stove must be "placed in service" after Jan. 1, 2009. No mention I have been able to find about it having to be new. Of course with most used stoves the particular model isn't ever going to be tested under the new criteria so the required letter of certification from the maker won't be available and ergo no tax credit.
Tax court rulings as to the definition of "placed in service" have always addressed business equipment for depreciation purposes. The IRS has pretty narrowly defined it to mean when the asset is completely available for use and operable for its intended purpose. This would lead one to believe a new stove purchased in 2008 and sitting on the pallet in the garage until some time in 2009 when it is installed and placed in service would be eligible for the tax credit. That is how they have ruled on business equipement. We will find out when I take the credit on that pellet stove I bought on sale last Spring but will not install until this year.
See your friendly neighborhood tax adviser on this one folks. Just like every other "grey area" in tax law it is going to be a pip and credits should not be taken on advise gleaned from non-government Internet sites.
altheating said:I think you will see the requirements will require the stove/boiler to be purchased from a dealer, will require professional installation and placed into service in 2009/10. Plus meet the efficiency requirements. Everything is still up in the air as far as who will have appliances that will qualify.
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