Oil and Gas Tax Strategies with Tax Expert Tom Wheelwright - Mike Mauceli

In this episode, host Mike Mauceli and tax expert Tom Wheelwright discuss the unique tax advantages of investing in oil and gas. Tom, founder and CEO of WealthAbility, explains how oil and gas investments can reduce taxes, even on income from other sources. They cover topics such as intangible drilling costs, passive loss rules, deductions, active vs. passive income, and the benefits of investing through different entities like limited liability companies and trusts.

The conversation also touches on the importance of accurate K-1 forms and working with knowledgeable CPAs to fully leverage tax benefits.

00:00 Introduction
01:22 Understanding Tax Deductions in Oil and Gas
02:18 Passive Loss Rules and Oil Investments
04:02 Intangible Drilling Costs Explained
08:12 Investing Through Different Entities
11:31 Trusts and Tax Implications
17:14 Joint Tenancy and Tax Benefits
24:51 Recapture and Tax Benefits
30:30 Conclusion and How to Follow Tom Wheelwright
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Disclaimer: The information provided in this video is for educational and informational purposes only. It should not be considered as financial advice or a recommendation to buy or sell any financial instrument or engage in any financial activity.

The content presented here is based on the speaker's personal opinions and research, which may not always be accurate or up-to-date. Financial markets and investments carry inherent risks, and individuals should conduct their own research and seek professional advice before making any financial decisions.