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Non Geothermal Heat Pump tax credit entry?

KWC
Level 1

Nothing listed on IRS Form 5625 other than geothermal heat pump

Should be 30% credit up to $2000 for 2023

0 Cheers
13 Comments 13
Camp1040
Level 10

Wait for the update. Yes Heat pumps are eligible up to 30% of cost up to $2000, $600 credit.

IRonMaN
Level 15

Yeah, it's only November.  In November, the software isn't anymore sophisticated than playing a game of Pong on your computer.  It won't be until the middle of January before it is almost safe to use the software.

Oh crap, I wonder if I am allowed to compare the software to Pong or if I am going to get another e-mail saying that I am going to be locked up for crimes against humanity.


Slava Ukraini!
Jim-from-Ohio
Level 10

pong was a good game.. if you positioned each of the paddles on their respective sides to line up with each other the game would go on indefinetly without have to touch either paddle. 

IRonMaN
Level 15

It was first taste of video games and it the time it was the greatest thing ever.  Kids today don't know what they are missing 😜


Slava Ukraini!
TaxGuyBill
Level 15

@Camp1040 wrote:

 Heat pumps are eligible up to 30% of cost up to $2000, $600 credit.


 

It is a 30% credit up to a $2000 credit.  There is no $600 or $1200 limit for an electric heat pump.

PATAX
Level 15

Yeah Iron Man Is Right. Way too early. Just finished my last 2022 return today. Have plenty of  business work to go . You think I want to start looking at 2023 returns now? If I did, I would say that that the r word applies to me, but my comment might get banned and the post removed, so I will not say that about myself.

BobKamman
Level 15

People really get a tax credit for buying heat pumps?  That's mostly what we use here on the desert.  I'll have to read up on it.  Not too long ago I had to explain to my friend in Chicago, how heat pumps work.  But then, I lived in the Midwest for seven years and never understood about furnaces.   Do you add the oil to the coal, or vice versa?  

IRonMaN
Level 15

When I was growing up we had a coal furnace.  At night my dad would stoke that baby up to the point that I thought he was going to burn the house down.  Of course, coal doesn't fit into a nice little underground line so that it gets to your house without interruption.  Every so often the coal guys would come with their truck and dump another load of coal down into the coal bin down the basement.  That wouldn't be a bad deal in the summertime, but deliveries in the middle of winter meant you had to shovel (did snowblowers exist back then???) a path wide enough to fit a dump truck through so that they could back up to the house.  Geez, I'm starting to feel old when I tell the "when I was a kid" stories.  At least I don't have any stories about walking 5 miles to school --------- up hill, both ways 😁


Slava Ukraini!
Camp1040
Level 10

And even a credit for heat pump water heaters, what ever the heck that is!

PATAX
Level 15

If my memory serves me right: a few years or so ago I had a client that received geothermal heat pump credit. The cost to buy it and INSTALL it, in total, was very EXPENSIVE. I think this is mainly used in RURAL areas, where they do not have natural gas lines, and use oil or propane gas to heat their homes. This geothermal heat pump that my client bought and had to pay someone to install was very expensive because they had to drill down into the ground. I double checked everything to make sure everything was legitimate, and they were entitled to it, which was a large credit. At that time , I do not think an average person could afford this. Just for what it's worth.

IRonMaN
Level 15

I had an average Joe client install one a number of years ago in the middle of town.  But you do need a little bit of real estate to install the things.  


Slava Ukraini!
Accountant-Man
Level 12

I did that at the bowling alley!

** I'm still a champion... of the world! Even without The Lounge.
TaxGuyBill
Level 15

@Camp1040 wrote:

And even a credit for heat pump water heaters, what ever the heck that is!


 

After your heat pump furnace does it's job to heat the room, the heat pump water heater sucks the heat back out of the room to put it into the water.   🤣