Tax write off on stoves?

A friend said that his tax guy told him he can write off some/all of the coal stove costs. Anyone know anything about this?

Probably if professionally installed as a heating system and/or energy star compliant or something. ??

I did a quick searc but couldn't find it, this was brought up before and if I remember correctly they were interpreting the law incorrectly.

av8r wrote:A friend said that his tax guy told him he can write off some/all of the coal stove costs. Anyone know anything about this?

If this administration (& Congress for that matter) were really not in the pocket of "Big Oil" than what better incentive for us alternative fuel home heaters than a tax break for our stoves, coal, wood, pellets, etc. They don't really want us to cut oil use. That much is obvious!

Here is some info...I think most have to do with Engery Star stuff...

http://www.irs.gov/pub/irs-pdf/f5695.pdf

Devil5052 wrote:

av8r wrote:A friend said that his tax guy told him he can write off some/all of the coal stove costs. Anyone know anything about this?

If this administration (& Congress for that matter) were really not in the pocket of "Big Oil" than what better incentive for us alternative fuel home heaters than a tax break for our stoves, coal, wood, pellets, etc. They don't really want us to cut oil use. That much is obvious!

Can you imagine the uproar from the left if the Bush admininstration gave a tax break to people using global warming causing coal stoves???????? And yes, the tax guy is wrong. It's only for specific products which are deemed energy saving, green and not polluting.

This may be a state tax thing. NY has quite a few alternative fuel initiatives available and many are lucrative for the end user.

No way for solid fuel stoves.

From the IRS instruction sheet Form 5695:

Begin quote,
Qualified residential energy property is any of the following:

Certain electric heat pump water heaters; electric heat pumps; geothermal heat pumps; central air conditioners; and natural gas, propane, or oil water heaters.

Qualified natural gas, propane, or oil furnaces or hot water boilers.

Certain advanced main air circulating fans used in natural gas, propane, or oil furnaces.
End quote

There was a deduction for switching to alternative green fuels like corn, wheat , barley, etc. but that window has closed and would only apply to something purchased on or before Dec. 31 2006. Coal doesn't apply I checked on that directly with the IRS when I bought the new stoker last year. Also note that probably less than 10% of the alternative fuel systems apply because it also needed to be energy star complient to qualify. However on a side note if you installed new energy star windows you qualify for a 10% rebate up to $200 on the price of windows themselves ( excludes labor and installation supplies).

Nice to know on the windows, I replaced 23 this past year!!! All energy star (low E/Argon). maybe I can get something! If I can't get it on the stoves....

It could be deducted as a business expense if you have a home business, for example if you use it for heating the home office

jpen1 wrote:There was a deduction for switching to alternative green fuels like corn, wheat , barley, etc. but that window has closed and would only apply to something purchased on or before Dec. 31 2006. Coal doesn't apply I checked on that directly with the IRS when I bought the new stoker last year. Also note that probably less than 10% of the alternative fuel systems apply because it also needed to be energy star complient to qualify. However on a side note if you installed new energy star windows you qualify for a 10% rebate up to $200 on the price of windows themselves ( excludes labor and installation supplies).

"Also note that probably less than 10% of the alternative fuel systems apply because it also needed to be energy star complient to qualify. "

Why do you suppose that deduction was made so limitted? (You don't suppose it was so lip service could be paid to switching to alternative fuels but that in reality very little incentive would be provided) Hmmm...Did big oil actually draft these tax laws from their offices down the hall in the Whie House??

No, it's not a BIG OIL conspiracy. It's due to having to satisfy all the demands of the environmental wackos. They are even opposed to the wind turbine generators because some stupid birds might fly into the blades and be killed. I call that natural selection or survival of the smarter species. There is a sizable group of these people whose goal it is to ban the burning of solid fuel. Right now they are focusing on wood burners because there are so many more of them but they'll get around to us coal burners sooner or later.

coalkirk wrote:No, it's not a BIG OIL conspiracy. It's due to having to satisfy all the demands of the environmental wackos. They are even opposed to the wind turbine generators because some stupid birds might fly into the blades and be killed. I call that natural selection or survival of the smarter species. There is a sizable group of these people whose goal it is to ban the burning of solid fuel. Right now they are focusing on wood burners because there are so many more of them but they'll get around to us coal burners sooner or later.

Good morning coalkirk.....I see it slightly differently than you. (shocking eh?) I think Big Oil is more likely to be behind this for the following reasons:

1. They are a much bigger & more powerful special interest than the environmentalists & thus influence legislation much more aggressively. (Hell......they wrote this country's energy policy....Just get Cheney's secret files which are under subpeana)
2. Big Oil stands to lose alot more if oil use really declines in this country.
3. I don't remember either Bush or Cheney being the children of rich environmentalist families. (Seems to me the Bush family made its vast fortune in something else.........hmmmm.....was it maple syrup.....I forget??)

Hold your ears folks.... it's show time!

Now play nice fellas.