I'm looking for opinions. I am planning on getting a stove and installing it mid January. Do I want to buy before the end of the month to qualify for the tax credit or do you think it will be there next year? I would hate to buy a stove now and find out they are having a sale on it after new years. As of now the plan is to get the Englander 30, but that could change by the time I am ready to install. Any input would be appreciated.
Will there be a 2012 tax credit?
- Thread starter KurtS
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KurtS said:
If it were me I would buy before the end of the year rather than gamble on the government extending the tax credit.
usner21 said:
Thats what I did last year, had my stove installed on Dec. 28th just in time to get the 30% tax credit. I know they lowered it for 2011, so in 2012 who knows!
I know it had to be "installed" by the end of the year, not just purchased.
egclassic said:
If you are doing the install yourself i wouldn't imagine it matters to much? I would at least purchase the stove to get the credit for the amount of the stove purchase.
Agent
Member
I'd say it depends on your ultimate goal. Generally those Englanders go on sale starting Feb/March. So if you plan on using it this winter yet, I'd get it now. Besides, the credit is only 10% (which is $90+/- for the stove itself).
However, if you wait till they are on sale, you can save $2-300 on the stove itself.
However, if you wait till they are on sale, you can save $2-300 on the stove itself.
Just a guess, but I doubt that folks in Congress from either party are going to be looking for ways to spend more money next year. (Because a tax credit reduces government revenue, it has the same effect on the deficit as increased as spending).
One thing I didn't notice is it says you have to purchase and "place it in to service" during 2011. How would they know if it was in service if I installed it myself?
Agent
Member
Kurt if you aren't 100% sure I think you should wait.. Even if you pay full price you're looking at a savings of $110.00 on a brand new NC-30.. Not exactly megabucks in the grand scheme of things so get what you want.. If you decide to wait to install for next heating season you'll save lots more especially on the NC-30 and many local stove shops will give a much better deal in the warm weather as well.. Just something to think about..
Ray
Ray
KurtS said:
Well, they might check to see if your heating bills went down (for whatever you're using now). But if you're really clever, you could probably fool the IRS and get a credit you weren't entitled to.
I wasn't trying to be deceitful, actually never thought of it that way. I'll hold off buying till I'm ready.
woodmiser
Feeling the Heat
I waited for the hottest days of summer to go stove shopping. Between the two stoves I bought I saved about $2600. The Equinox was used and the guy really wanted to move it. The Clydesdale I got with a big discount. So it can pay big if you purchase off season.
If you never had a stove and are looking at saving money heating it's quite possible your savings will more than offset the higher price you might pay now. If that's the case than the sooner you get it the more you will save.
If you never had a stove and are looking at saving money heating it's quite possible your savings will more than offset the higher price you might pay now. If that's the case than the sooner you get it the more you will save.
KurtS said:
Sounds good. My guess is that the IRS has the installation rule in there so that deceitful folks don't buy a stove in December, then return it in January, never having installed it at all. The deadline gives them grounds for a fraud case. When I worked for a major corporation, we jumped through hoops to get new capital equipment operational before year end, working long hours over the holidays.
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