Tankless Water Heater?

[zeros]

Would This Be Eligible For The Energy Credit? What Line On The 5695 Form?

[Gary2]

"Tankless" is a design characteristic. It's as useful as saying "steel" or "green".

The real question is whether it's been certified by the manufacturer as meeting the relevant energy standards.

[zeros]

What Line?

"Tankless" is a design characteristic. It's as useful as saying "steel" or "green".

The real question is whether it's been certified by the manufacturer as meeting the relevant energy standards.

Assuming that it is qualified, what line would it go on?

[RitaB]

6a, I do believe

I believe it's line 6a, See Instructions for Form 5695:

"Line 6a. Enter the amounts you paid for energy-efficient building
property. Energy-efficient building property is any of the following.
• An electric heat pump water heater that yields an energy factor of
at least 2.0 in the standard Department of Energy"


I hate that Form 5695, and the ever-changing energy credits, just so you know.

[taxea]

Would This Be Eligible For The Energy Credit? What Line On The 5695 Form?

I just installed one. If it is powered by gas it is deductible. If electric it isn't.

[ddoshan]

Energy site lists electric heat pump water heater. Don't know if that is the same as a tankless heater but sounds similar to.

[RitaB]

See?

See why I hate the energy credits?

And about 20% of my folks say they were told by the salesman something qualifies, and it does not. Plus, you got the old farts with no tax liability arguing with you cause they are not getting a check from "Iris".

[ddoshan]

Sometimes I feel the same way about such things including the never ending takes on the education credits. But I guess it's things like that that drive us a little crazy and clients to us. I remember way back in the 60's when they were saying it was the beginning of the end for tax preparation firms as they were going to simplify the tax code down to the bones. 5 thousand or so pages later they really simplified things didn't they.