HUSKYMAN
Addicted to ArboristSite
Anybody know of a tax credit for an OWB? I see there is a $2000 credit for a solar water heater, I just want to make sure I am not missing something
Tax deduction for OWB?
- Thread starter HUSKYMAN
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hockeypuck
ArboristSite Operative
tax credit? for owb
are you kidding? with the tree hugging greenie weenies we have in congress, I am just glad they are not looking to put a tax on my wood consumption.
are you kidding? with the tree hugging greenie weenies we have in congress, I am just glad they are not looking to put a tax on my wood consumption.
windthrown
361 Junkie
No tax credits on any OWBs that I am aware of.
allthegross
ArboristSite Operative
100 percent sure nothing
my neighbor spent 18k installing solar panels and did get the 2k credit but nothing for burning wood. his electric bill is now about 40 to 60 dollars per month. now i am very conservative with the electric. i have installes all energy saver bulbs and buy only energy star appliances there was about 60 total bulbs in my house with all the resets lighting and closets. my bill is now about 200 on average per month so in ten years he will probably be making out.
my neighbor spent 18k installing solar panels and did get the 2k credit but nothing for burning wood. his electric bill is now about 40 to 60 dollars per month. now i am very conservative with the electric. i have installes all energy saver bulbs and buy only energy star appliances there was about 60 total bulbs in my house with all the resets lighting and closets. my bill is now about 200 on average per month so in ten years he will probably be making out.
windthrown
361 Junkie
Solar heating will pay for itself far faster than solar PV panels. We have a solar panel array for hot water heat in summer, when the OWB is turned off.
WVwoodsman
Addicted to ArboristSite
My dealer who sold me my OWB told me that there was a one time energy tax credit, I can't remember the form number, but he showed me one of his. I will have to find out more about this.
stipton
ArboristSite Member
$500. Used it last year. Check with your CPA for your state specific rules.
http://www.irs.gov/newsroom/article/0,,id=154657,00.html
http://www.irs.gov/newsroom/article/0,,id=154657,00.html
Husky137
Addicted to ArboristSite
stipton
ArboristSite Member
Check with YOUR cpa for YOUR specific scenerio. My cpa asked for any changes in 2006, I installed an owb, he gave me the credit. I am not a cpa and suggest you get one. Is it wrong? That's why he makes the big bucks and has professional liability/E&O insurance. I just pay taxes. I thought I had the pdf sheet showing the credit for last year, I cant find it on my computer. Ask you tax person.
Husky137
Addicted to ArboristSite
I do have an accountant, a great one. I asked him when I installed my OWB last year and he said no credit. He hasn't been wrong in 10 years.
Maybe it was something specific to your state.
Maybe it was something specific to your state.
Last edited:
stipton
ArboristSite Member
Could be. I tend not to ask too many questions regarding taxes. I just supply my signature and check to pay his fee. Besides, $500 really isn't much of a deduction these days. Would prefer it as cash so I can buy some logs....:greenchainsaw:
wildbio
ArboristSite Operative
I'm stilllooking into the federal tax credit but Montana has the "Alternative Energy Systems Credit"
http://mt.gov/REVENUE/energyconservation.asp
"The Alternative Energy Systems Credit is a tax credit against income tax liability for the cost of purchasing and installing an energy system in a Montana resident's principal home that uses (1) a recognized nonfossil form of energy such as, but not limited to, solar energy, wind energy, solid waste, and organic waste or (2) a low emission wood or biomass combustion device such as a pallet or wood stove. The credit cannot exceed $500. Two or more people may each qualify for the credit, as long as the building in which the investment is made is owned by all of the people claiming the credit. For example, a couple who jointly own their home may each claim a credit up to $500 each or $1,000 for the couple. Any unused balance of the credit can be carried forward and applied to future income tax liabilities for a period of four succeeding tax years. For further instructions on the alternative energy system credit, and to calculate this credit, see Montana Form ENRG-B. When claiming this credit, a taxpayer will have to attach Montana Form ENRG-B to the income tax return."
http://mt.gov/REVENUE/energyconservation.asp
"The Alternative Energy Systems Credit is a tax credit against income tax liability for the cost of purchasing and installing an energy system in a Montana resident's principal home that uses (1) a recognized nonfossil form of energy such as, but not limited to, solar energy, wind energy, solid waste, and organic waste or (2) a low emission wood or biomass combustion device such as a pallet or wood stove. The credit cannot exceed $500. Two or more people may each qualify for the credit, as long as the building in which the investment is made is owned by all of the people claiming the credit. For example, a couple who jointly own their home may each claim a credit up to $500 each or $1,000 for the couple. Any unused balance of the credit can be carried forward and applied to future income tax liabilities for a period of four succeeding tax years. For further instructions on the alternative energy system credit, and to calculate this credit, see Montana Form ENRG-B. When claiming this credit, a taxpayer will have to attach Montana Form ENRG-B to the income tax return."
Husky137
Addicted to ArboristSite
"or (2) a low emission wood or biomass combustion device such as a pallet or wood stove."
I'm thinking the low emission requirement wood eliminate OWB's.:greenchainsaw:
wildbio
ArboristSite Operative
Yes you're right but I'm claiming it based on the fact I installed an EPA-certified catalytic combuster woodstove.
HUSKYMAN
Addicted to ArboristSite
I took the $500 credit because I bought a ton of insulation for my new house and barn, plus windows, etc.
Just wanted to make sure there wasnt a credit out there that I missed. Thanks
Just wanted to make sure there wasnt a credit out there that I missed. Thanks
