Homeowners may qualify for a federal tax credit for making improvements or installing pellet or wood burning stoves or fireplace inserts in order to boost the energy-efficiency of a home.
If you haven't already claimed a tax credit of $500 or more for eligible home improvements, then you may be able to take advantage of the tax credit before the end of the year. Keep in mind, the improvements must be done to your primary home and the size of the credit depends on the type of improvement.
The tax break applies to 10% of the materials and labor costs, up to a maximum of $300 each, of certain energy efficient home improvements such as biomass stoves (wood stoves or pellet stoves) and fireplace inserts that meet specific energy-efficient guidelines. The items must meet specific energy-efficient requirements to qualify.
If you are interested in a more energy efficient home and reducing home heating bills, then a new wood or pellet burning stove or wood burning fireplace insert, or a pellet stove insert could be the answer.
Time is running out, if you would like to take advantage of the tax credit for energy-efficient upgrades, you have until the end of the month. The tax credit expires on December 31, 2013. Taxpayers who purchase biomass stoves that use wood or wood pellets can receive a credit up to $300.
For more information on the tax credit and to find energy-efficient heating products, contact the Fireplace Showcase in Seekonk.