U.S. Energy - Tell me what you think!

[Dogman]

I recently purchased a U.S. Engergy drilling program for $50,000.00 that give a $40,000.00 direct write off/reduction of income on your tax return. This is a legacy product that pays depending on the profit that is derived from the drilling operation from between 6 and 14% of the initial $50,000.00 investment per year and can be passed on to your heirs until the wells run dry.

Has anyone had experience with this type of product? Looking for some feed back.
Thank you in advance.

 

[Dash man]

My father did an investment that sounds eerily similar. He lost his entire investment. I hope you did your homework and it's not the same kind of thing.

 

[youbet]

I recently read about several pro athletes who lost their butts on something like this. Big tax write-off up front. Ongoing profits after that.


The gov't didn't like it and the guy that sold it to the athletes fell on some hard times.


I'll go look for it. Can't say for sure it's the same thing but it sounds hauntingly similar.

 

[steve88]

wow this is one of ray lucia product endorsement now.

 

[REWahoo]

I recently purchased a U.S. Engergy drilling program for $50,000.00 that give a $40,000.00 direct write off/reduction of income on your tax return. This is a legacy product that pays depending on the profit that is derived from the drilling operation from between 6 and 14% of the initial $50,000.00 investment per year and can be passed on to your heirs until the wells run dry.

Has anyone had experience with this type of product? Looking for some feed back.
Thank you in advance.

Yikes.

I hope it works out for you.

 

[aja8888]

I met two doctors who lived near us when we moved to Texas in the early 90's who invested in a drilling venture. There is not enough information provided by you to tell that what you invested in is similar. The venture fell apart and the General Partner spent (took?) all the funds. Eventually, the tax credits were disallowed and the doc's had to pay the IRS a ton. You have to be real careful with these tax shelters.

On another note, don't you think it's kind of risky to invest in a drilling program with the current energy outlook in the U.S. at the moment? New drilling programs are being cut back and oil is around $50/bbl which may or may not be profitable depending on the drilling and well completion costs.

Good luck!

 

[Tadpole]

Well, $50K-taxes saved doesn't strike me as a real big bet. Everyone should have a little overage to play investment casino with. That is of course unless $50K is a great percent of your net worth.

 

[soupcxan]

You write off $40k upfront, then you write off the remaining $10k when the whole thing is worthless. But you make it up in volume.