![]() ![]() Plus, cooking on a wood stove has a ton of other benefits!įor starters, you’re able to use the firewood you already have seasoned, and the fire you already have built to heat your home. The Magnum is also capable of burning both wood and coal, an option not found on most cook stoves.We all know wood stoves are a great place to gather and enjoy the warmth they provide, but did you know they can also be used to cook lunch, warm up last nights dinner, or create an amazing breakfast?Ī wood stove can be used to cook any meal that you would normally cook over your electric or gas range. You will also find two warming drawers, a sizeable cook top, deep firebox, and left or right flue options. Optional soapstone isn’t all the Magnum cook stove has going for it. Not so with the Magnum cook stove, which is much more affordable than any of its soapstone competitors such as the Vermont Bun Baker. Soapstone is a great addition to any cook stove as it allows the stove to retain heat for extended periods, often many hours after the fire has gone cold, but it typically comes at a significant price. Unlike other soapstone stoves on the market, however, the Magnum’s soapstone is built directly into the stove along the sides and underbelly, giving it a cohesive, finished look and feel. Not only does the Magnum feature many traditional embellishments that bring to mind the classic cook stoves of yesterday, it also offers an optional yet jaw-dropping soapstone finish. The Magnum cook stove by MBS is a beautiful stove, simply put. To help you decide what fits best with your needs, we’ve put together a list of our favorite tax credit approved cook stoves. Every stove is different and there are a variety of features to consider from the size to the oven capabilities, vent placement, domestic hot water capabilities, and more. The Investment Tax Credit is now expired, and cannot be used for purchases or installations made after December 31, 2022.Ī great deal on a tax credit is not the only reason you should purchase an energy-efficient cook stove, of course. That tax credit, called the “Investment Tax Credit” (section 25(D) of the Internal Revenue Code), allowed for uncapped credit of up to 26% on qualifying heaters. Note: You may be aware of a previous tax credit available for home heating equipment purchased between Januand December 31, 2022. All products must be claimed on the tax return year in which the installation is complete. If a heating product meets the efficiency requirements and was purchased in 2022, but not installed until 2023, it can be claimed on a 2023 tax return. Qualifying appliances must have a thermal efficiency of at least 75% per the higher heating value (HHV) of the fuel. ![]() ![]() This tax credit can be used on the purchase and installation costs of qualified heating products installed between Januand December 31, 2032. In August 2022, the United States passed the Inflation Reduction Act (IRA), which allows high-efficiency biomass heating products to qualify for a 30% tax credit capped at $2,000 annually (section 25(C) of the Internal Revenue Code). For example, if you purchase a stove for $1200 and it has a 10% tax credit available, you can save $120 the next time you file your taxes. Tax credits are also sometimes applied as a percentage of the cost of an item. If you receive a $100 tax credit and list it appropriately when you file your taxes, you will save $100 on what you owe. ![]() To put it simply, a tax credit allows you to subtract a certain amount of money from your annual taxes. Thankfully, the Cookstove Community is here to help answer those questions for you.įirst, it’s important to understand what a tax credit is and why it exists for wood cook stoves. You may have heard that certain cook stoves are eligible for a tax credit, but what does that mean? Which stoves does it apply to? And, most importantly, how do you actually receive a cook stove tax credit? ![]()
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