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Updated 10 months ago on . Most recent reply
Roth Conversion Using Oil and Gas Tax Deductions
Does anyone have any experience using oil and gas tax deductions (Intangible Drilling Costs: 100% tax deductible during the first year and tangible Drilling Costs: 100% tax deductible) to reduce tax liability against Roth conversions ? Seems way better than giving Uncle Sam tax dollars. Why not invest any non-IRA dollars in oil and gas and get the 100% deductions to apply against your Roth conversion tax liability ? Thanks for any comments !
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- Accountant
- New York, NY
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Investing in Oil and Gas is somewhat of a gamble.
The way that I see oil and gas investments have one of two likely outcomes
A) Lose all or close to all your money
B) Get 10X your investment
To answer your question you can potentially do a roth conversion and offset it with oil and gas investments.
- Basit Siddiqi
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- 917-280-8544
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