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March 21, 2024
Question

Can I list a new furnace as a deduction?

  • March 21, 2024
  • 1 reply
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I replaced the furnace, and I would like to be able to list it as a deduction on my taxes.

1 reply

DoninGA
March 21, 2024

There is no deduction for the purchase of a furnace for a personal residence, not used as a rental or in a business, on a federal tax return.

 

However, you may be able to get a Home Energy Credit for the furnace.

 

To enter Home Energy Credits -

Click on Federal Taxes (Personal using Home and Business)
Click on Deductions and Credit
Click on I'll choose what I work on (if shown)
Under Your Home
On Home Energy Credits, click the start or update button

 

NOTE -

 

On the page Enter Your Qualified Energy Costs use the box labeled Water boilers for the cost of the furnace.  The box needs to be re-labeled.  If you click on the Learn More link it will describe -

Enter the amounts you paid for a natural gas, propane, or oil furnace or hot water boilers...

 

That is the correct location to enter the furnace cost as it will flow to the Form 5695 Line 24a for Enter the cost of natural gas, propane, or oil furnace or hot water boilers