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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16547
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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There is a young lady in my office who said she was told that

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There is a young lady in my office who said she was told that the 40,000. she invested in a working interest was totally deductable.
I just confirmation from you that I'm telling her the right thing. As far as I know when you invest in a working interest, business or anything else, the money you put up is not deductable unless the business goes belly up, you sell or otherwise dispose of it.

Megan C :

Thank you for your question, and thanks for using You are correct. Investments in working interests add to they aren't deductible unless the interest in the activity is disposed of

Megan C :

Unfortunately, investments are not current tax deductions.

Megan C :

I'm truly sorry if this is not favorable for your client...I wish there was better news to report

Megan C :

Do you have any other questions at this time? If not, please rate as "excellent" so that I may receive credit for assisting you today.

Thanks for allowing me the opportunity to help you. Please let me know if I can be of any further assistance to you in this matter. I really enjoyed working with you – please feel free to request me again when you come back to ask another question. Simply enter "MyVirtualCPA" in the subject of your question Thanks again for being a JustAnswer customer
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