class racing as a business?

Bobby Brannon · 07-15-2013, 10:24 PM

John Brimer (A/SA) Julie Jordan both are CPA they are on this forum. Ask them. John is my CPA

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.

SStockDart · 07-15-2013, 11:43 PM

I can't resist........If you are a conservative, don't let the IRS know or you will be audited for sure.

07-15-2013, 10:24 PM	#1
Bobby Brannon Senior Member Join Date: Mar 2002 Location: Bossier City,La. Posts: 659 Likes: 3 Liked 104 Times in 35 Posts	Re: class racing as a business? John Brimer (A/SA) Julie Jordan both are CPA they are on this forum. Ask them. John is my CPA __________________ Bobby Brannon 4705 STK, SS

07-15-2013, 10:46 PM	#2
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".

07-15-2013, 11:43 PM	#3
SStockDart VIP Member Join Date: Dec 2007 Location: Arizona, Texan forever Posts: 1,176 Likes: 879 Liked 574 Times in 212 Posts	Re: class racing as a business? I can't resist........If you are a conservative, don't let the IRS know or you will be audited for sure. __________________ Gary Hansen - SS/FA 4911, B/SA 4911

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