What You Need to Do to Get the Tankless Water Heater Tax Credit
One of the many benefits to purchasing a tankless water heater is the tax credit that homeowners can claim until the end of the year.
After all, who does not want tax help from the government?
Tankless hot water heaters run cleaner, they are better for the environment and, therefore, can benefit from the government implemented Tankless water heater tax credit.
Obviously, you want to make sure you qualify for the tax credit, which is easy to do.
To Get The Tankless Water Tax Credit, You Will Need To Meet The Basic Requirements Which Include:
Select one of the qualifying tankless gas hot water heaters and ensure it is in-service before December 31, 2010
Save all receipts from your purchase because you will need this
You will need the certificate statement from the manufacturer stating it is energy efficient
Go to the IRS website and download form 5695, which you must fill out and file with your regular taxes
Unfortunately, The Credit Is Not Instantaneous Like Many People Have Come To Believe.
In fact, if you do not file the 5695 IRS form, you will never see the credit. Therefore, the tax credit is there for the taking, but you must follow the proper protocol in order to ensure you get up to $1500 being offered.
Obviously, time is of the essence because you need to have a new tankless hot water heater installed and operational before the end of the year, so this is the best time to purchase one in order to qualify for the credit when you file your taxes.
As The End Of The Year Approaches, You Will Begin To See Sales That Will Entice You To Take Advantage Of The Tankless water heater tax credit
As it gets closer the end of the year, you will begin seeing sales on tankless hot water heaters because dealers will attempt to lure you in so you can get the tax credit, which of course, is very enticing.
So, if you are a dare devil and think you can have the tankless in operation before the end of the year, then you might consider waiting till it gets closer to the end of the year.
However, remember that you must show proof that it was installed and operational by December 31st of the year you install it in order to quality for the tax credit.
Taking Advantage Of The Tankless Water Heater Tax Credit - The Bottom-Line
If you have given thought to tankless hot water heaters, now is the time to act so you can get in on the tax credit the government is giving away.
Make sure you follow all the steps in order to qualify for the credit, the last thing you want is to purchase the wrong kind of tankless that does not even qualify for the credit.
What You Need to Do to Get the Tankless Water Heater Tax Credit
By: Latarsha Lytle
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