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jmcarter 11-24-2020 09:54 AM

Re: racing next year?
 
Oddly, during the Raiders ball game they commented that Davis had been given permission to have 4,000 fans at the game but he declined that on the basis that all the ticket holders should be allowed to come. But still, 4,000 seems a pretty large number in a “closed” stadium. Think the maddening part is seeing almost whimsical and arbitrary rules surrounding public gatherings. Have no problem with this being a science driven process (after all, the engineering and technical aspects of our cars is an applied science) but the inconsistency of application generates most of the chaos.

Remaining “glass half-full” that with vaccines coming we’ll weather the storm and 2021 will be a great racing season for all.

Billy Nees 11-24-2020 10:15 AM

Re: racing next year?
 
Quote:

Originally Posted by Irace007 (Post 628638)
Do you pay TAXES on your WINNINGS ?? If so then it's a BUSINESS

Yeah,yeah,yeah, I tried to play that game in N.J. for a long time. Over X amount of dollars you pay taxes on your winnings whether you're a business or not. They also don't like you trying to claim your expenses to offset your winnings.
There are very few Sportsman Racers who can get away with claiming their racing as a business. I DO believe that it is a Sport though.

63corvette 11-24-2020 12:33 PM

Re: racing next year?
 
I tried one year back in the 1990's when I was doing a lot of bracket racing and doing well at it one year to claim the winnings as gambling. I then deducted the entries as losses of gambling.
Needless to say that did not work and I was audited.
My last try at that.
I thought it was better to ask for forgiveness than ask for permission from a Government Agency.
They only charged me interest on the deduction and no penalty after the audit which was a pain.
Just My Experience
Rick Cates
Canyon, TX

Rick Kolber 11-24-2020 02:34 PM

Re: racing next year?
 
The Strip at LVMS website shows all remaining races in 2020 cancelled. Maybe it's a good thing we'll be starting later next year?

Glenn Briglio 11-25-2020 07:32 AM

Re: racing next year?
 
Quote:

Originally Posted by Billy Nees (Post 628640)
Yeah,yeah,yeah, I tried to play that game in N.J. for a long time. Over X amount of dollars you pay taxes on your winnings whether you're a business or not. They also don't like you trying to claim your expenses to offset your winnings.
There are very few Sportsman Racers who can get away with claiming their racing as a business. I DO believe that it is a Sport though.

I'll just say one thing........find a better accountant!!!!!


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