Do you have questions about the stove tax credit? You are not the only one. Questions abound from our customers when they come in to look at our selection of stoves and we don't blame them. Some of the initiatives with the most benefit are confusing in their terminology and clearness about the benefits.
Fortunately, we have trained our staff members here at Rich's for the Home to answer your questions. Here are some of the most common ones:
Q- How much is the tax credit for?
A- It is for up to 30% of your purchase price, up to $1500.00.
Q- How do we get the tax credit?
A- After purchasing your stove, keep your receipt. There will be room on the bottom of your tax forms for your credit. In addition, if you file your return electronically through a service, many have added the question to the list that you answer as you prepare your return. Retain your receipt with your tax records.
Q- Can I claim this credit for a stove placed in my vacation home or a home that I use as a rental?
A- No, the credit covers only a stove for your primary residence. Vacation homes and homes that you rent out to others do not qualify.
Q- We bought a stove right before the legislation was approved. Is there anything that we can do to receive the credit?
A- Yes, if your stove was purchased January 1, 2009-June 1, 2009, your purchase will still qualify for credit.
Q- We've heard of the 75% efficiency requirement. How is that determined?
A- According to HPBA, the manufacturer of the stove must provide certification that the product tests for at least a 75% efficiency rating using the lower heating value i.e. the heat value of a combustion process assuming that none of the water vapor resulting from the process is condensed out, so that its latent heat is not available.
Q- What should a retailer provide?
A- According to HPBA, retailers (and consumers) must keep exact records of any sale or purchase. Retailers should provide a consumer with the manufacturer's certification statement for the specific product model purchased. A consumer may rely on a manufacturer's certification statement that their products are qualified energy property. Manufacturers should make this certification document available to consumers on the web, in the product packaging, or in some other easily accessible manner.
Q- What should I do if I have more questions?
A- The IRS Notice is available for your review. In addition, feel free to come by a Rich's for the Home location to browse our selection of stoves. We are happy to help!
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