racing next year? - Page 2

jmcarter · 11-24-2020, 09:54 AM

Oddly, during the Raiders ball game they commented that Davis had been given permission to have 4,000 fans at the game but he declined that on the basis that all the ticket holders should be allowed to come. But still, 4,000 seems a pretty large number in a “closed” stadium. Think the maddening part is seeing almost whimsical and arbitrary rules surrounding public gatherings. Have no problem with this being a science driven process (after all, the engineering and technical aspects of our cars is an applied science) but the inconsistency of application generates most of the chaos.

Remaining “glass half-full” that with vaccines coming we’ll weather the storm and 2021 will be a great racing season for all.

Billy Nees · 11-24-2020, 10:15 AM

Quote:

Originally Posted by Irace007

Do you pay TAXES on your WINNINGS ?? If so then it's a BUSINESS

Yeah,yeah,yeah, I tried to play that game in N.J. for a long time. Over X amount of dollars you pay taxes on your winnings whether you're a business or not. They also don't like you trying to claim your expenses to offset your winnings.
There are very few Sportsman Racers who can get away with claiming their racing as a business. I DO believe that it is a Sport though.

63corvette · 11-24-2020, 12:33 PM

I tried one year back in the 1990's when I was doing a lot of bracket racing and doing well at it one year to claim the winnings as gambling. I then deducted the entries as losses of gambling.
Needless to say that did not work and I was audited.
My last try at that.
I thought it was better to ask for forgiveness than ask for permission from a Government Agency.
They only charged me interest on the deduction and no penalty after the audit which was a pain.
Just My Experience
Rick Cates
Canyon, TX

Rick Kolber · 11-24-2020, 02:34 PM

The Strip at LVMS website shows all remaining races in 2020 cancelled. Maybe it's a good thing we'll be starting later next year?

Glenn Briglio · 11-25-2020, 07:32 AM

Quote:

Originally Posted by Billy Nees

Yeah,yeah,yeah, I tried to play that game in N.J. for a long time. Over X amount of dollars you pay taxes on your winnings whether you're a business or not. They also don't like you trying to claim your expenses to offset your winnings.
There are very few Sportsman Racers who can get away with claiming their racing as a business. I DO believe that it is a Sport though.

I'll just say one thing........find a better accountant!!!!!

11-24-2020, 09:54 AM	#11
jmcarter VIP Member Join Date: Dec 2008 Location: Richmond Hill GA (and Port Ludlow WA) Posts: 4,299 Likes: 2,393 Liked 3,194 Times in 975 Posts	Re: racing next year? Oddly, during the Raiders ball game they commented that Davis had been given permission to have 4,000 fans at the game but he declined that on the basis that all the ticket holders should be allowed to come. But still, 4,000 seems a pretty large number in a “closed” stadium. Think the maddening part is seeing almost whimsical and arbitrary rules surrounding public gatherings. Have no problem with this being a science driven process (after all, the engineering and technical aspects of our cars is an applied science) but the inconsistency of application generates most of the chaos. Remaining “glass half-full” that with vaccines coming we’ll weather the storm and 2021 will be a great racing season for all. __________________ Jim Carter 2340 Super Stock 2340 SST/2340 Stock Set another place at the table

11-24-2020, 12:33 PM	#13
63corvette Senior Member Join Date: Mar 2007 Location: Canyon, Tx Posts: 552 Likes: 128 Liked 359 Times in 103 Posts	Re: racing next year? I tried one year back in the 1990's when I was doing a lot of bracket racing and doing well at it one year to claim the winnings as gambling. I then deducted the entries as losses of gambling. Needless to say that did not work and I was audited. My last try at that. I thought it was better to ask for forgiveness than ask for permission from a Government Agency. They only charged me interest on the deduction and no penalty after the audit which was a pain. Just My Experience Rick Cates Canyon, TX

11-24-2020, 02:34 PM	#14
Rick Kolber Junior Member Join Date: Sep 2012 Posts: 98 Likes: 20 Liked 32 Times in 13 Posts	Re: racing next year? The Strip at LVMS website shows all remaining races in 2020 cancelled. Maybe it's a good thing we'll be starting later next year?