CLASS RACER FORUM - View Single Post

SStockDart · 07-15-2013, 08:57 PM

Hey Scott....first of all, scratch your first sentence.....To start a business, your intent is to make money and you invest accordingly. You could have to show that your business could make money.....I don't know what pure stock pays, but in the case of NHRA, if you win a couple of National events, you could generate around $30-$40,000. IMO, that would be reasonable if your depreciation, expenses are something less than that.
In our case, we set up a LLC and raced 15-20 events a year, therefore, reasonable that we were in it as a business and not as a hobby.
Best advise is to talk with your tax person.

07-15-2013, 08:57 PM	#1
SStockDart VIP Member Join Date: Dec 2007 Location: Arizona, Texan forever Posts: 1,176 Likes: 878 Liked 574 Times in 212 Posts	Re: class racing as a business? Hey Scott....first of all, scratch your first sentence.....To start a business, your intent is to make money and you invest accordingly. You could have to show that your business could make money.....I don't know what pure stock pays, but in the case of NHRA, if you win a couple of National events, you could generate around $30-$40,000. IMO, that would be reasonable if your depreciation, expenses are something less than that. In our case, we set up a LLC and raced 15-20 events a year, therefore, reasonable that we were in it as a business and not as a hobby. Best advise is to talk with your tax person. __________________ Gary Hansen - SS/FA 4911, B/SA 4911 Last edited by SStockDart; 07-15-2013 at 09:28 PM.