Oil and Gas Tax Deductions Lure Investors

Wednesday, December 20th, 2017 and is filed under New Mexico Oil and Gas Investing, Oil and Gas Current Events, Permian Basin Oil News, Texas Oil and Gas Investing

Tax-Advantaged Investements - Oil and Gas

As high net worth individuals seek out tax-advantaged investments, one industry continues to stand out from the rest – the oil and gas industry. Oil and gas tax deductions are incentives created by Congress to spur domestic growth in production as a means of marching the United States towards energy independence.

Some of the top oil and gas tax deductions include:

  • Tax Deduction for Intangible Drilling Costs (IDC)
  • Tax Deduction for Tangible Drilling Costs (TDC)
  • Tax Deductible Intangible Completion Costs
  • Depletion Allowance (Small Producer Tax Exemptions)
  • Deductions for Equipment Depreciation
  • Lease Operating Expense Deductions

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For a detailed look at each of these oil and gas tax deductions, please see our article, “Tax Deductions and Advantages Available for Direct Oil & Gas Investments.”

For drilling-related deductions to be eligible for use on your 2017 taxes, money must be invested by December 31, 2017 and drilling operations must begin by March 31, 2018.

Interested in oil drilling tax breaks?

The above general discussion is provided for background information only. This information is not intended to be individual advice. Prospective participants should consult with their personal tax professional regarding the applicability and effect of any and all benefits for their own personal tax situation. In addition, tax laws change from time to time and there is no guarantee regarding the interpretation of any tax laws. For more information, please visit www.irs.gov.

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