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Wood Stove Tax Credit
What Is The Biomass Tax Credit?
In December 2022, the IRS released updated guidelines for the 25(C) tax credit. This credit applies to installations from January 1, 2023, through December 31,2032, taxpayers who install qualifying wood and pellet stoves will receive a 30% tax credit that is capped at $2,000 annually, based on the full cost of the stove, and installation.
While we’re not tax experts, here’s what we’ve gathered so far. Be sure to consult with a professional when preparing your taxes!
The Hearth, Patio and Barbecue Association (HPBA) has highlighted the IRS guidance for the 25(C) tax credit.
Biomass Tax Credit Highlights
- You can deduct 30% of your costs, including labor, up to $2,000 per year.
- For example, if you spend $3,000 on a wood stove and $2,000 on labor, you can deduct $1,500 on your taxes (30%).
- There’s no lifetime cap, allowing you to claim up to $2,000 annually until 2032.
- This tax credit is applied by the year the stove was installed, not the year it was purchased.
How to Claim Your Tax Credit
To claim your tax credit, you will need the following documents:
- Stove Purchase Receipt: This will be used to prove your purchase.
- Manufacturer’s Tax Credit Certificate: This will be used to prove your unit qualifies for the tax credit.
When you file your taxes, you will include Form 5695. Here is our understanding of how to fill out the Form 5695.
Stoves Eligible For The 2024 Biomass Tax Credit
Vermont Castings Defiant Wood Burning Stove
Vermont Castings Encore Wood Burning Stove
Vermont Castings Dauntless Flexburn Wood Burning Stove
Vermont Castings Intrepid Flexburn Wood Burning Stove
Let customers speak for us
I'm very pleased with the service. They answered all my questions and was very helpful
Prices and customer service were excellent. Delivery was fast and smooth! no problems! Highly recommend this Royal fire pits!!!
I started my journey with Royal Fire Pits many months ago! Jordan was so patient with my indecisive ass! He remained patient and got me exactly what I needed within my budget. My kit arrived a few weeks ago, but will be installed next week. I will update with pictures. However, if you need help with your outdoor entertainment, do not hesitate to contact Jordan and Royal Fire Pits! Their prices are unbeatable, no taxes, and free shipping, plus unmatched knowledge. I spoke to several companies before choosing Royal Fire Pits, but no one I spoke with was more knowledgeable, engaged and/or patient than Jordan. He really wanted to make sure I got what I needed at a price I could afford! Thanks Jordan and your team. Look forward to showing off my pit and working with you on future projects!
I got great service - advice was spot on in selection of the burners, accessories , and installation advice. End result is exactly as expected. Thank you.
Too hot and house not yet finished and ready to complete installation. The chimney is in and can’t wait. The stove is BEAUTIFUL. Can’t wait.
Jordan was very knowledgeable and professional. He answered all my questions and guided me to the products I need for our new firepit. No hard sell. A pleasure to deal with.
I worked with Rey, Rachel and Jordan! All three offered excellent help!!
I’m so happy with my Firepit , best investment ever! Ray was amazing to work with, so courteous and answered every single question I had which was a lot lol. Thank you for working with me and I absolutely love my warming trends cross Burner!!
There is always concern when placing a sizable order online. The price was right so took the chance. The order went smoothly and delivery was prompt.
i haven't hooked it up yet maybe tomorrow, but it all fits as advertised!!
Sunday I left a comment in the chat, and got a very nice reply. I replied during business hours and was lucky enough to get Jordan. We went through what I wanted, and all of the details, cost, and whether I should get a catalytic converter.
I have wanted this stove for almost 50 years! I must have seen one right after Vermont Castings began operations, and I dreamed of having one. I never had a place for one, but now, I do!
I can't be happier with the process, and the service Jordan provided, and how easy it was to buy it and get it on the way to Tulsa Oklahoma!
Thanks, Royal Fire Pits, for helping with the Rolls Royce of wood burning stoves.
Absolutely the best and prettiest stove! The service I received was so exceptional. I wasn't ready for my stove for for at least 3 months after I needed it. They granted the price, held on to my stove and even gave a little more discount when I wanted it delivered. If there was a 10 star rating, I would have gave it even more. I didn't order the warming shelves at the time i ordered the stove but decided to after i got it. I can't wait to get them. I'll send pictues then. Rey and Jordan your exceptional.
I just placed an order with these guys as they were extremely helpful with everything leading up to the order. I did my due diligence, asked a lot of questions and probably changed the shopping cart like 4 times. Rey was wonderful as he was very patient in answering my questions and even made suggestions. I’m looking forward to receiving all the parts for my warming trends fire and can’t wait till it’s installed!
Royal price matched and beat that price by some more. Fire table was delivered without issue and when they estimated. Still waiting on plumber to hook NG up.
