woodiewood1 said:
one safe place said:
Charismatic Megafauna said:
As an Accredited Investor he gets access to lots of opportunities the rest of us don't
Maybe it was on a thread where ages of various folks on here was the topic, or another thread turned into that sort of discussion. I was surprised at the number of older folks (I am an old). Given that, I would guess that many people on here meet the definition of an accredited investor.
I suspect there are many accredited investors on here or could be if so desired, Most requiemenents are ...
"Individuals must have a net worth over $1million (excluding primary residence) or annual income exceeding
$200,000 or $300,000 for married couples) for the past two years."
I got on more than a few call lists about 6 or 7 years ago that required accredited investor status and I never figured out how. One was an outfit that was drilling oil and gas wells. As it turns out, I had a tax client who had invested in 6 or 7 of their wells. When he called he was going over the typical aspects of these deals (depletion, IDCs, etc.) and I mentioned that with all the technology today, the risk of a dry hole should be pretty small. He said that's true, not really a concern like it used to be.
As we were talking, I had gotten the client's file. Of the 6 or 7 wells, 3 were dry holes. I said, what about the Wilson #1, the Adam Creek Prospect, or the Davis-Hill #2 (made up those names but I named the dry holes); He stuttered and stammered then joyfully said "but you get a write-off for the full amount!" I said yeah, but you wrote a check for the full amount as well.
