CLASS RACER FORUM - View Single Post

CMcAllister · 07-15-2013, 10:46 PM

Years ago, we were audited and were successful in defending our racing expense deductions. However, we had a shop that was about 75% racing and was our sole means of support. The race car was used for R&D, advertising at the races and we also were soliciting sponsors for a revenue stream as well as trying to win money at races that paid well.

Start a race related business or one that depends on racing for customers.

Talk to a tax person familiar with racing. With the government that we have now, I would not invite the man into my life by trying to claim anything that's not a legit business that exists to make money.

07-15-2013, 10:46 PM	#5
CMcAllister Senior Member Join Date: Sep 2006 Location: Fulton County, PA Posts: 615 Likes: 17 Liked 920 Times in 259 Posts	Re: class racing as a business? Years ago, we were audited and were successful in defending our racing expense deductions. However, we had a shop that was about 75% racing and was our sole means of support. The race car was used for R&D, advertising at the races and we also were soliciting sponsors for a revenue stream as well as trying to win money at races that paid well. Start a race related business or one that depends on racing for customers. Talk to a tax person familiar with racing. With the government that we have now, I would not invite the man into my life by trying to claim anything that's not a legit business that exists to make money. Last edited by CMcAllister; 07-16-2013 at 11:22 PM. Reason: Insert an important "not".