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How to claim racing on taxes?? | NastyZ28.com
https://nastyz28.com/threads/how-to-claim-racing-on-taxes.76446/
Drag Racing s Tax Status Questioned | Accounting Today
https://www.accountingtoday.com/news/drag-racings-tax-status-questioned
The Internal Revenue Service has recently received an anonymous complaint challenging the tax-exempt status of the National Hot Rod Association. The complaint contends that the drag-racing organization’s activities mimic those organized by for-profit automobile entertainment companies.
Drag Race winnings and taxes : rupaulsdragrace - reddit
https://www.reddit.com/r/rupaulsdragrace/comments/408o33/drag_race_winnings_and_taxes/
Drag Race winnings and taxes. A friend and I just saw Bianca's last Rolodex of Hate show in Newcastle. She was answering some audience submitted questions at the end and someone asked her what she spent her drag race winnings on. She told us that she had to pay $52,000 of her winnings in taxes. Just wanted to know if anyone knew anything about this?
Taxes in the Back » Drag racing
https://taxdood.com/tag/drag-racing/
Over the years, Zenzen purchased and improved cars to participate in various drag racing activities, and incurred various expenses along the way. To each of his 2005, 2006, and 2007 tax returns, Zenzen attached a Schedule C claiming income and expenses relating to drag racing business activity.
Tax Court finds individual drag racing a hobby; no profit …
https://vebcpa.wordpress.com/2011/08/21/tax-court-hobby/
The taxpayer purchased a drag racing car in 1988 and entered races. In subsequent years, he purchased additional cars and entered more races. During race seasons, the taxpayer typically would spend about 30 hours per week preparing the race cars. This time was in addition to the time spent participating in weekend races. The taxpayer also worked a full-time …
Write Off Your Racing - Sports Car Market
https://www.sportscarmarket.com/columns/legal-files/write-off-your-racing
Write Off Your Racing. A uto racing is expensive at any level. Often, a racer looks to reduce the cost by treating it as a business activity to deduct the expenses. Racers who do this have encountered mixed results when the IRS challenges their returns. If you are going to give this a try, it’s a good idea to understand how the tax rules ...
Master Your Money | Sapling
https://www.sapling.com/7879552/auto-racing-tax-deductions
Common Racing Business Tax Deductions. If you can prove that your pursuit of auto racing glory should qualify as a for-profit activity, then the tax rules allow deductions for many of the related costs. Commonly incurred deductions related to operating an auto racing business may include expenditures for supplies (gas, oil, tires and other ...
Drag Racing Story of the Day - Tax Day: The Nostalgia DragFest …
https://www.draglist.com/stories/SOD%20May%202000/SOD-050200.htm
A new drag racing story every day! Home Drag Lists Forum Blog Links Stories Pictures RacingJunk Movies Store Help Join Us More Drag Racing Story of the Day! Tax Day: The Nostalgia DragFest 2000. By Bill Ott ©2000. April the 15 th ... Tax Day: The Nostalgia DragFest 2000. By Bill Ott ©2000.
Solved: Racecar driver- hobby vs business? - Intuit
https://ttlc.intuit.com/community/taxes/discussion/racecar-driver-hobby-vs-business/00/571061
There is a risk with racing, the IRS will try and treat enjoyable activities as hobbies because they are fun. Documentation is the only thing that can prove them other wise. If the IRS reclassifies a business as a hobby, they will disallow losses and possible make you repay a lot of back tax, penalties, and interest. View solution in original post
How do I report race car driver winnings on a 1099... - Intuit
https://ttlc.intuit.com/community/business-taxes/discussion/how-do-i-report-race-car-driver-winnings-on-a-1099-misc-form-box-3-or-box-7/00/1134757
Box 3. Other Income Enter other income of $600 or more required to be reported on Form 1099-MISC that is not reportable in one of the other boxes on the form. Also enter in box 3 prizes and awards that are not for services performed. Include the fair market value (FMV) of merchandise won on game shows.
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