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#1 | |
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Join Date: Mar 2007
Location: Des Allemands, LA
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4878 SS/GA 66CHEVY II |
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#2 | |
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Location: Richmond Hill, Georgia
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The truck is a chassis cab truck with Fontaine modification It is quite a bit heavier than a reg F350 . And my trailer is longer and not aluminum so it seems about right. Just seems like an awful lot of mass to get rolling and stop I'm glad I have the bigger truck brakes and tires.
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Art Leong 2095 SS |
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#3 | |
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4878 SS/GA 66CHEVY II |
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#4 |
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Location: ny
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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?
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#5 | |
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Art Leong 2095 SS |
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#6 | |
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Join Date: Dec 2007
Location: Woodlawn IL
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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 Last edited by Rob Petrie E395; 02-11-2009 at 06:42 PM. Reason: as usual spelling |
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#7 | |
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Art Leong 2095 SS |
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#8 |
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Hang in there it will happen if you stick with it. While I do have some to declare its still nowhere near what I spend on this racing addiction every year. I keep telling my wife that at least when I quit I can sell my stuff for pennies on the dollar if I was a drug addict we couldnt get any of it back LOL. Thank god my business is still doing OK, I dont think I would be a plesant person to be around if I had to quit.
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