I’m aware of the 26% tax credit on 2021 wood boilers. In order to get the tax credit does the unit have to be hooked up, or would a person get the tax credit for just purchasing the unit and having it on the property? With covid hitting we didn’t get to purchase the house we wanted last year. Therefore we never bought a wood boiler. Now, we are on track to buying a house next spring. I’m trying to decide if it’s worth buying the wood boiler now (heat master ss g7000) or just waiting. I like the whole 26% tax credit. But the unit will be sitting the rest of this year unhooked. So, If I can get the tax credit for just buying the unit it’s worth it. I believe the tax credit drops to 20% if you buy a wood boiler in 2022.
John, I can't swear to it but I think you just claim it on your income tax. Or maybe you can get it right when you buy. If nobody posts and are sure that is good. If not I can find out for you. Or maybe even do a google search.
Tax Credits -WoodMaster > Qualified furnaces must burn biomass as a fuel, heat air or water, and be at least 75 percent efficient per the higher heating value (HHV) of the fuel. The CleanFire 300, 500 and 700 meet this requirement. > Must be installed between January 1, 2021 and December 31, 2023 to heat the taxpayers primary new or existing home. > Both purchase and installation costs (e.g. ThermoPEX, parts and accessories, onsite labor) can be included in your total cost.
It's part of the 25D tax program. When we sell an epa compliant (i hate that word) heater, the stove, any venting, install ect is all covered. I think the bottom line is you purchased an epa rated heater. The 26% will go through 2022, after that drop to 23%
Unless you get audited they're not gonna know if it is working or not. (Proof of) Working or not doesn't seem to be in form 5695 either. Just current main home - which would be for the tax year you're applying for the tax credit. One reason to put off purchasing until next year or even 2023 might be warrantee, if it starts on date of purchase and isn't a very long warrantee. One reason to buy now might be price increase(s) or even availability..
Price increase for sure...I know HeatMaster had one this year...10% or so I think...that will eat up your tax credit pretty quickly! I heard there may be another coming soon too. I talked to a trailer manufacturer recently and they said if you want an all steel trailer, they call to get steel prices, the quote is good for 4 hours...if you want it, you come put 50% down then they order the metal right then.
With the new place I'm in, I'll admit that I didn't care for the transfer of firewood into the basement. It had been quite some years that I had to do that. Missing the OWB and learning there is a 25% "tax rebate" on it just may be a game changer.
26%...does that put you over the top? It's only on qualified units though...no old school smoke dragons. I finally talked my dad and brother into replacing their old CB dragon...have a new HeatMaster G10000 coming this week.
Wow! Steel prices are insane. I bought a 7000lb 20’ car hauler two years ago. It was 2,600 out the door in Missouri. That same trailer today is almost 4,400 they said. I see prices climbing more and more with our current administration. So grabbing a boiler now seems like a win win.
How would "they" know it's hooked up and running or not? If you have the money to shell out now, I would.
good point I just didn’t know if it had to be signed off on by a tech or what not. I’m waiting for one to come in from a local dealer and then I’ll be picking her up. He said a truck load is coming by the end of this month. 2021 heatmaster g7000
Not to change the subject but on OWB has anyone any knowledge/ experience with Polar gasification OWBs?
I know my brother was enamored with the Polar at first, but then decided on the HeatMaster...I dunno for sure, but I think their stellar reputation won them over...
Dang. I bought a Heatmaster GS400 3 years ago and I paid $8,500 delivered. I checked the website and the equivalent model G7000 MSRP is now $13,800. It has some new tech and probably runs a little more efficient, but not sure if that is worth a 50% price increase.
