CLASS RACER FORUM - View Single Post - How to deduct winnings/expenses on taxes?

Julie Jordan · 01-03-2010, 06:32 PM

If the activity is classified as a hobby the gross earnings are shown on Form 1040, line 21. The expenses, not to exceed the amount of gross income, is reported on Schedule A, line 23.

If the activity is considered "for profit", then the income and expenses are reported on Schedule C. Expenses exceeding income is allowed and offsets other income the taxpayer may have.

01-03-2010, 06:32 PM	#3
Julie Jordan Senior Member Join Date: Dec 2001 Location: Modesto, CA Posts: 638 Likes: 90 Liked 525 Times in 93 Posts	Re: How to deduct winnings/expenses on taxes? If the activity is classified as a hobby the gross earnings are shown on Form 1040, line 21. The expenses, not to exceed the amount of gross income, is reported on Schedule A, line 23. If the activity is considered "for profit", then the income and expenses are reported on Schedule C. Expenses exceeding income is allowed and offsets other income the taxpayer may have. __________________ Julie Jordan 7549 STK