<p>In this episode, Lane and guest tax expert Jack Hollander dive into strategies for offsetting ordinary income through oil and gas investments. They discuss the unique tax benefits, including intangible drilling costs and depletion allowances, and how these can provide significant deductions for high-income earners. The conversation addresses common mistakes with passive losses and real estate professional status, provides insights into how to properly utilize oil and gas investments, and answers questions on minimizing tax liabilities and optimizing portfolio strategies.</p><br><p>00:00 Introduction to Tax Deductions in Oil and Gas Investments</p><p>00:39 Understanding Passive and Ordinary Income</p><p>01:11 Limitations of Passive Losses</p><p>02:09 Real Estate Professional Status and Short-Term Rentals</p><p>02:48 Introduction to Oil and Gas Investments</p><p>03:02 Misconceptions About Bonus Depreciation</p><p>06:08 Importance of Consulting Professional Advisors</p><p>07:42 Basics of Tax Law and Income Buckets</p><p>12:07 Financial Planning and Investment Considerations</p><p>13:24 How Oil and Gas Investments Fit into a Portfolio</p><p>15:23 Tax Benefits of Oil and Gas Investments</p><p>23:53 Intangible Drilling Costs (IDCs) Explained</p><p>35:16 Understanding Passive Losses and Tax Benefits</p><p>35:53 Investment Strategies for Self-Employed Individuals</p><p>36:33 Navigating Tax Forms and Returns</p><p>37:27 Managing Investment Expectations</p><p>38:37 Cash Flow and Tax Savings</p><p>39:49 Evaluating Oil and Gas Investments</p><p>41:15 Portfolio Diversification and Tax Planning</p><p>43:15 Risk Management in Oil and Gas Investments</p><p>53:09 Using IRAs and Roth Conversions</p><p>01:03:01 Final Thoughts and Upcoming Events</p><hr><p style='color:grey; font-size:0.75em;'> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.</p>

The Wealth Elevator Podcast: Real Estate, Taxes, Investing

Lane Kawaoka, PE

Taxes Before Year-End: Using Oil & Gas Investments to Lower Ordinary Income

NOV 25, 202563 MIN
The Wealth Elevator Podcast: Real Estate, Taxes, Investing

Taxes Before Year-End: Using Oil & Gas Investments to Lower Ordinary Income

NOV 25, 202563 MIN

Description

<p>In this episode, Lane and guest tax expert Jack Hollander dive into strategies for offsetting ordinary income through oil and gas investments. They discuss the unique tax benefits, including intangible drilling costs and depletion allowances, and how these can provide significant deductions for high-income earners. The conversation addresses common mistakes with passive losses and real estate professional status, provides insights into how to properly utilize oil and gas investments, and answers questions on minimizing tax liabilities and optimizing portfolio strategies.</p><br><p>00:00 Introduction to Tax Deductions in Oil and Gas Investments</p><p>00:39 Understanding Passive and Ordinary Income</p><p>01:11 Limitations of Passive Losses</p><p>02:09 Real Estate Professional Status and Short-Term Rentals</p><p>02:48 Introduction to Oil and Gas Investments</p><p>03:02 Misconceptions About Bonus Depreciation</p><p>06:08 Importance of Consulting Professional Advisors</p><p>07:42 Basics of Tax Law and Income Buckets</p><p>12:07 Financial Planning and Investment Considerations</p><p>13:24 How Oil and Gas Investments Fit into a Portfolio</p><p>15:23 Tax Benefits of Oil and Gas Investments</p><p>23:53 Intangible Drilling Costs (IDCs) Explained</p><p>35:16 Understanding Passive Losses and Tax Benefits</p><p>35:53 Investment Strategies for Self-Employed Individuals</p><p>36:33 Navigating Tax Forms and Returns</p><p>37:27 Managing Investment Expectations</p><p>38:37 Cash Flow and Tax Savings</p><p>39:49 Evaluating Oil and Gas Investments</p><p>41:15 Portfolio Diversification and Tax Planning</p><p>43:15 Risk Management in Oil and Gas Investments</p><p>53:09 Using IRAs and Roth Conversions</p><p>01:03:01 Final Thoughts and Upcoming Events</p><hr><p style='color:grey; font-size:0.75em;'> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.</p>