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

cad · 01-03-2010, 06:42 PM

My racing is just a hobby. I made enough that I need to account for the expenses related to it this year. I have been using TurboTax since the most complicated part of our family return is Goodwill donations and the occasional ESPP stock sale.
TurboTax doesn't break this item down well.
Do I just need to keep copies of my checks that I paid for entry fees, etc?
How about fuel and mileage on the truck/trailer?
Can we track anything related to food, pop, water?
I have my racing log book that shows where we raced and when. Can I estimate the mileage?
I pay cash for racing fuel through a friend.
Is there anything that I can estimate within reason?

Thank you, again.
Clark

01-03-2010, 06:42 PM	#4
cad Senior Member Join Date: Apr 2009 Location: Omaha, NE Posts: 700 Likes: 200 Liked 91 Times in 51 Posts	Re: How to deduct winnings/expenses on taxes? My racing is just a hobby. I made enough that I need to account for the expenses related to it this year. I have been using TurboTax since the most complicated part of our family return is Goodwill donations and the occasional ESPP stock sale. TurboTax doesn't break this item down well. Do I just need to keep copies of my checks that I paid for entry fees, etc? How about fuel and mileage on the truck/trailer? Can we track anything related to food, pop, water? I have my racing log book that shows where we raced and when. Can I estimate the mileage? I pay cash for racing fuel through a friend. Is there anything that I can estimate within reason? Thank you, again. Clark