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U.S. Energy - Tell me what you think!
04-14-2015, 04:00 PM
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#1
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Recycles dryer sheets
Join Date: Feb 2008
Location: Chandler
Posts: 75
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U.S. Energy - Tell me what you think!
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.
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04-14-2015, 04:04 PM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2013
Location: Limerick
Posts: 5,638
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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.
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04-14-2015, 04:20 PM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2005
Location: Chicago
Posts: 13,151
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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.
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
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04-14-2015, 04:49 PM
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#4
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Recycles dryer sheets
Join Date: Jul 2007
Posts: 204
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wow this is one of ray lucia product endorsement now.
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04-14-2015, 04:52 PM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
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Quote:
Originally Posted by 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.
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Yikes.
I hope it works out for you.
__________________
Numbers is hard
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04-14-2015, 05:01 PM
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#6
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Moderator Emeritus
Join Date: Apr 2011
Location: Conroe, Texas
Posts: 18,645
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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!
__________________
*********Go Astros!*********
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04-14-2015, 05:04 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Jul 2004
Posts: 1,428
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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.
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04-14-2015, 05:06 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Aug 2004
Location: Houston
Posts: 1,448
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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.
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