Truck and trailer weight???

[Rob Petrie E395]

Originally Posted by frank v

1. Is any prize money declared as regular income
2. Do you take your racing expenses off your taxes or your companies taxes
3. Is corprate sponsership involved
If your if you awnser no to question 1 or yes to 2 or 3 you need a cdl
For more info goto the US DOT website and use their search feature and search 390.3 question 21
what about if you answer no to all 3?

If the awnser to queston #1 is no then you must be declaring your income as a business and therefore you need a cdl

Basically if you declare winnings on your own taxes you are declaring it as regular income.

in other words if you win a $10,000 to win bracket race as long as you declare it on your personal taxes your ok

As long as you dont take your expenses off your taxes your ok and dont need a cdl
As long as the side of your car,truck or trailer does not have a business that is a LLC or Inc or Corporation your ok.
Contingency payment are not sponserships they are prize money so from what I found out they dont count as corp. sponsership either.

Hope this helps