Taking that 10% tax credit for a high efficiency wood stove
you bought last year? If you use tax
software, it can be difficult. TurboTax
and Tax Act don’t mention wood stoves, and you have to learn from another site
that you need to put it under “energy efficiency building property.” H&R Block is the worst; providing no obvious
place to enter “energy efficient building property” and telling users they are not entitled to a credit.
2015 update: Turbo Tax still does not list qualified biomass burning stoves in its main list of equipment eligible for the tax credit, but a later page does, if you know to click on "energy efficient building property.
2015 update: Turbo Tax still does not list qualified biomass burning stoves in its main list of equipment eligible for the tax credit, but a later page does, if you know to click on "energy efficient building property.
Here
is the experience of a New York Times reporter who bought a wood stove
last year and tried all three tax soft ware packages:
"We’d bought a high-efficiency wood stove, which
entitled us to the tax credit. TurboTax didn’t seem to mention wood
stoves anywhere. All sorts of energy-efficiency improvements, including
better windows and solar electric panels, qualify for credits. I found
entry blanks and explanations for each but nothing for stoves. At the
IRS.gov site, I learned that a wood stove should be entered in the
category of “energy efficient building property” and that the agency
considered it a biomass-burning device. Thus schooled, I entered it and
received the $300 credit in both TurboTax and TaxAct. But Block stymied
me. It provided no obvious place to enter “energy efficient building
property” via its interview and told me that we were entitled to no
credit."
The full NYT story has more comparisons of the three tax
softwares, but nothing more about biomass heaters.
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