Quote:
Originally Posted by THE LEGEND
But you are commercial. you are racing for money right? You have sponsors on your car right?
We are on the same team here but thats what they are going to say.
Chip Johnson
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The distinction is that I'm not a pro. I'm not racing for money to live on, I'm racing for fun. I don't claim my expenses on my tax return. Yes, I may win, and I may get money from these contingent sponsors for using their parts, but I don't make more than I spend. It's just gravy. And to the extent I do win, if it meets IRS guidelines I claim it on my taxes, but it never exceeds my costs so I never pay any taxes on it.
So I'm not a pro, I'm not incorporated, the vehicles are registered in my name, I do not write off travel or other expenses, so therefore, I'm not commercial.