Listen: Apple, Celinda And Mark discussed on KRLD Programming
"Is such in your in your investing temperament is right for oil and gas step to analyze the program from several critical perspectives. We talked about that last week and this week, Mark. We're up to step three which is analyze your current assets. To determine what to liquidate to get into a program with an embossed conventional wisdom would have you. You know, sell a stock that you've made a lot of money on. He'll liquidate a stock and take some profits off the table to invest in oil and gas your thoughts that is the conventional wisdom. I mean, if you bought apple, and let's say, you you bought it back when it was fifteen dollars a share, and then it's gone up and split and split, and and still, you know, some astronomical number and you're ready to take the profits off the table, especially as a capital gain because you've owned it for a long time. That's one of the great strategies makes sense. Yeah. So, you know, I sell something that I don't have to pay ordinary income on, but I pay capital gain. So I get a tax savings there between ordinary income and capital gain. And then use that money to get into all in gas, which thin I get a great tax write off on an oil and gas. But then what I say is evaluate your whole before. Leo. And also look at the things that you really should get rid of some you if you have stock, especially if you have Celinda, you know, and you're right off and you expected cylinder to be like apple. But it turned out like a rotten. Apple will then you know, then you might as well sell it, especially if you if you don't expect it to have long legs. You know, you're not going long on cylinder, sell it. Take your right off on the stock put in oil and gas and now get a extra right off. So look at your portfolio look at yourself once you've evaluated. Well, and you know, you're you're one it do the best thing for you, tax wise in freeing up cash to get in that. Well makes sense. Yeah. You don't normally think most of the time, you think okay? I just got to get liquid. I've got I've got one hundred in cash hanging. Around here. We'll just use that. Now, the best way to get rid of the losers that you can take a write off on and use that money to get into good. All well talk to us about the tax break. We got we got about two minutes before the break. I put in a hundred thousand dollars this year in oil and gas program, tell me what that's going to do to my taxes, by the way. I I have income about four hundred thousand hypothetical situation foreigner key income one hundred K talking about you Pete. I know that's right. What we we should go. Visit after the show. I know Ellen gas is perfect for you. Because you're the average you're the accredited millionaire next door that most people don't think of as being a millionaire because you look like a regular guy. And if north park they would like, okay, there's just a this is another guy. But what happens is you're going to write off one hundred percent at that hundred thousand dollars against your income weather's active income, passive investment, whatever. So if I'm a four hundred K income guy, I'm paying thirty seven percent. Yes. You get some right? Also, you're thirty thirty seven months during seven K at I would have paid anyway. Yes. Yeah. That's thirty seven percent on one hundred thousand but you make four hundred thousand so let's just say that at four hundred thousand with all you write offs and some other real estate transactions or whatever your taxable income is three hundred thousand and one hundred thousand only gas drilling, you know, you're going to write off eighty percent in the first year. So that's going to drop down to two hundred and twenty thousand on taxable income could be a different tax bracket. It could put you in a different tax bracket. But basically, you're you're at risk is sixty three thousand on one hundred thousand dollar investment because that other money would go to Sam anyway. And just like Robert kiyosaki says it's the best tax break. There is except for professional real estate companies. We hear from people after they understand the tax break and how it's going to impact them and their lives. And we'll hear comments like, you know, I I really get Jerry Jones now or I can understand h hundred how the Al meadows family was able to do what they did you see this tax break. And then you imagine people getting a year after year, and it adds up doesn't it? Yeah. It really does. I mean, you get a great tax break. But then you also get into something that can give you more than a twenty percent and a rate of return and do it year after year after year, I in some like some of the things that I got into bombed in in California were greater than one hundred percent. And the rate of return. It was just fantastic. Well to open lines right now here at smart oil and gas, so grab one of those lines. And let's talk about taking some of those dollars that you're already sending to the IRS and invest in yourself them money. That's what the oil and gas tax deduction. The tax."