BUNNY51
Level 1
03-12-2022
12:00 PM
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DOES QUALIFY FOR "QUALIFIED ENERGY PROPERTY" INVESTMENT TAX CREDIT????
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qbteachmt
Level 15
03-12-2022
01:16 PM
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Perhaps it helps to understand the differences:
You installed a Pellet Stove to replace a wood stove, in your House.
Or;
You installed a Pellet Stove to generate Heat, using it to turn a turbine to generate electricity, which you sell to the electrical grid.
One is personal residence improvement. One is generating. Also, there can be conservation projects, alternative fuels, etc.
Have you used the IRS resources?
https://www.irs.gov/pub/irs-pdf/i3468.pdf
https://www.irs.gov/instructions/i5695
All of these instructions include, in the first part, Why or Who uses this form.
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Level 15
03-12-2022
02:45 PM
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I had a client several weeks ago that brought a pellet stove, he brought all the paperwork for the tax credit that it qualified for, look for biomass fuel property credit on 5695 and see if your stove meets those qualifications.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
qbteachmt
Level 15
03-12-2022
03:30 PM
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Pellet Stove = Biomass. You might not see "pellet" but you will see "biomass."
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Don't yell at us; we're volunteers
Don't yell at us; we're volunteers