2011 Credit for Tankless Water Heater
Are you considering buying a tankless water heater or have you purchased a tankless water heater in the past year? If you have then you’ll want to now how it can help you when filing your tax return.
President Obama signed The American Recovery and Reinvestment Act of 2009, on February 17, making great changes to the Emergency Economic Stabilization Act of 2008.
You can receive up to a $500 tax credit if you purchase a qualified tankless water heater by December 31st, 2011. The tankless water heater has to be placed into service by December 31st, 2011. Your new tankless water heater must have an energy factor of at least 0.82 to qualify. The Tankless Water Heater must be installed in the taxpayers’ principal residential address in the United States and only existing homes qualify for the tax credit.
The following improvements have tax credits available to consumers for 30% of the cost, up to $1500 (for existing homes only):
- Gas tankless water heaters (non-solar, non-electric) placed into service before December 31st, 2011
- Water Heaters
- Windows and Doors
- Insulation
- Roofs (Metal & Asphalt)
Some of these tax credits are available at 30% of the cost, with no upper limit through 2016 (for existing homes & new construction) for:
- Solar Water Heaters
- Solar Panels
- Geothermal Heat Pumps
- Small Wind Energy Systems
- Fuel Cells
The following are requirements under the bill to receive the tax credit:
- You must choose a qualifying tankless water heater (see above)
- The manufacturer’s certification statement is required
- You must have the improvement in place within the specified dates
- Form 5695 is required to be filed with your return
Visit TurboTax Online to get the credits you deserve on your return.
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