Quote:
Originally Posted by cad
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
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I use the flat rate mileage while keeping track of each round trip mileage.
I keep food receipts, but usually use an average estimate 3x per day. Then they only allow 50% of that.
Don't forget motels and tolls.
Also race car related parts, service and mileage for them.
As for mileage to places you've already been...it might take some time, but using Mapquest can help you get a better estimate.