Energy Credit

[LawrenceGR]

I'll pose this: I had a guy come to me with the purchase of a wood furnace, would you suppose this would qualify for alterative fuel? So far I haven't found anything to support it.

[Jesse]

As far as alternative fuel - no.

Knock me around time - I did hear in a seminar that there is a possibility of the wood furnace qualifying as a Tankless Water heater if it is set up to heat the water. I have no official cite and do not know this to be fact.

Anyone else?

[LawrenceGR]

This

guy said his brother put in the same furnace and whoever did his taxes took a energy credit. I think somebody's blowing smoke.

[Larmil]

guy said his brother put in the same furnace and whoever did his taxes took a energy credit. I think somebody's blowing smoke.

A wood furnace certainly would.

[David1980]

guy said his brother put in the same furnace and whoever did his taxes took a energy credit. I think somebody's blowing smoke.

He's probably telling the truth. You can find a preparer or have a preparer who instead of looking these things up just writes everything presented to them on the return.

That of course doesn't mean it's correct. Sell your client on the fact he's got a preparer who actually cares enough about his return to research the issue and not blindly assume like his brothers preparer did.