Yardley CPA Posted February 25, 2012 Report Share Posted February 25, 2012 It's my understanding that the purchase of an Energy Star rated refrigerator, purchased and placed in service in 2011, is not eligible to be included on form 5695? Is that correct? If I am wrong, what line would the cost of the refrigerator be placed on? Quote Link to comment Share on other sites More sharing options...
frazzled Posted February 25, 2012 Report Share Posted February 25, 2012 Kitchen appliances do NOT qualify for the credit. 1 Quote Link to comment Share on other sites More sharing options...
Hahn1040 Posted February 25, 2012 Report Share Posted February 25, 2012 Some states give a tax advantage. For VA, you can deduct 20% of the sales tax you pay on an energy efficient appliance SO- you buy a $2400 frig- sales tax is $120 you get a deduction of $24. If you are in the top tax bracket for VA (5.75) it saves you just about $1 you can imagine the clients' enthusiasm when they hear this! ALSO Some utility companies offer rebates. Unfortunately if your client thinks it is a tax credit and he saves the paperwork to give you then he may have missed the deadline for applying for the rebate Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted February 25, 2012 Report Share Posted February 25, 2012 No Federal tax credit for appliance purchase. www.energystar.gov has all the informtion about energy tax credits. Quote Link to comment Share on other sites More sharing options...
Yardley CPA Posted February 25, 2012 Author Report Share Posted February 25, 2012 I didn't think it was eligible and appreciate everyone confirming that. Quote Link to comment Share on other sites More sharing options...
jasdlm Posted February 26, 2012 Report Share Posted February 26, 2012 I still have a client or two every year that insists that the person who sold them the appliance told them it qualified for the energy credit. Every time, it causes me to have to take extra time researching because I don't trust myself enough to be certain nothing has changed. :unsure: Quote Link to comment Share on other sites More sharing options...
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