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October 13, 2023
Question

Tax Credit for Purchasing a Wood Burning Stove

  • October 13, 2023
  • 1 reply
  • 0 views

Retailer told us there is a 30% tax credit (capped at $2000) for purchasing a wood stove. We looked further into it and read that you have to owe taxes to get the credit.  We purchased a home in 2023 (primary residence) so we are thinking we will not owe taxes for 2023. After reading thru articles to see if we could use the tax credit we are confused. We are both over 65, on social security and both receive a small pension from our past employers.  Our total income for 2023 will be under 70K.  So my question is:  Can the 30% tax credit be used.  Hinging on the answer will determine if we purchase the stove or not.

    1 reply

    Employee
    October 13, 2023

    If you cannot take the credit for the current tax year, you may be able to carry it forward.

     

    I'll page @Critter-3 and @Mike9241