Client purchased the equipment in December, 2022 to be installed in 2023 in a new home. In reviewing several sources of information, I have not been able to determine if it qualifies for a tax credit and if so, what is the credit and on what IRS form is it recorded. The information I have found leads me to ask if comes under 25 C which is a tax credit of 30% but capped at $2,000 annually. Further, upon reviewing information from law changes on December 22, 2022, I am not sure about the tax credit and IRS form. I would appreciate any help. Thanks you.
-
-
Maybe this can help you: https://www.irs.gov/forms-pubs/about-form-5695Uncle Sam, CPA, EA. ARA, NTPI Fellow -
It is a "biomass" stove/boiler.
Yes, for 2023 it is 30% up to $2000 as part of Section 25C (assuming it meets the efficiency standard).
For 2022, it was part of 25D, but it moved to 25C starting in 2023.
Does that cover it?Comment
-
Thank you for your responses. The information you have provided is very helpful. CarlComment
Comment