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What are some of the tax deductions available through oil and gas drilling programs?

April 26, 2017Drilling Gas Oil Programs tax deductions

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What are some of the tax deductions available through oil and gas drilling programs?

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Some oil and gas drilling programs are specifically designed to generate various tax deductions from drilling and operating oil and gas wells. These deductions include intangible drilling costs (IDCs), depreciation, and operating costs. In addition, when production is achieved, our venturers claim a depletion deduction against their share of the venture’s income from oil and gas produced.