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Tax Depreciation Opportunities for Thoroughbred Owners
https://www.bloodhorse.com/horse-racing/articles/235565/tax-depreciation-opportunities-for-thoroughbred-owners#:~:text=Common%20equine%20assets%20that%20may%20qualify%20for%20this,broodmares%2C%20stallions%2C%20equipment%2C%20fencing%2C%20land%20improvements%2C%20and%20barns.
Write Off Your Racing - Sports Car Market
https://www.sportscarmarket.com/columns/legal-files/write-off-your-racing
Write Off Your Racing. Ordinary and necessary expenses. To be deductible, auto racing expenses must be “ordinary and necessary” to the …
Auto Racing Tax Deductions | Small Business - Chron.com
https://smallbusiness.chron.com/auto-racing-tax-deductions-67555.html
These supplies include racing fuel, tires, oil and replacement parts; items such as the steering wheel, engine and original parts to build the car are part of equipment costs that you depreciate....
Auto Racing Tax Deductions - sapling
https://www.sapling.com/7879552/auto-racing-tax-deductions
Auto Racing Tax Deductions Business vs. Hobby Activity. One approach to substantiating tax deductions for auto racing expenses involves... Advertising Expense Deductions. Another way to claim deductions for racing costs rests upon the argument that the... Yellow Caution Flag. Beware, however, that ...
Motocross Racing With Tax Deductible Dollars Works …
https://www.forbes.com/sites/peterjreilly/2014/11/25/motocross-racing-with-tax-deductible-dollars-works-this-time/
Between 2006 and 2007 DEC put over $150,000 into motocross expenditures - mostly payments for motorcycles, parts, equipment, racing fees, membership fees, fuel and food. There was just over ...
How to claim racing on taxes?? | NastyZ28.com
https://nastyz28.com/threads/how-to-claim-racing-on-taxes.76446/
How to claim racing on taxes?? tigerbake. Veteran Member. Jul 27, 2005. 506. Millersville, MD. A bunch of guys in my area say they can claim drag racing as a business and then ... zziggy. 77RS. Veteran Member. Lifetime Gold Member. Oct 18, 2006. 2,944. Asheboro, NC. You need to show that you at ...
Horse Racing Tax Rules Updated by US Treasury & IRS - OFF …
https://www.offtrackbetting.com/horse_betting_news/horse-racing-tax-rules-updated-by-us-treasury-irs.html
Horse Racing Wins As US Treasury & IRS Issue Updated Tax Rules. OffTrackBetting.com - The U.S. Treasury Department and the Internal Revenue Service (IRS) today announced that they will formally adopt modernized regulations regarding the withholding and reporting of pari-mutuel proceeds. The National Thoroughbred Racing Association (NTRA) has ...
Are Race Fees Tax Deductible? - Pocketsense
https://pocketsense.com/race-fees-tax-deductible-8657738.html
Race fees may be deductible on your taxes if you can show that the race fee deductions are for charitable races. Your race registration fees for charitable races can be used as tax deductions as part of your charitable deductions. If you won money, you can deduct some of the fees as a hobby expense.
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. 0 Reply charlesellis1001
I have income and expenses from a race horse. Where do I enter it …
https://ttlc.intuit.com/community/taxes/discussion/i-have-income-and-expenses-from-a-race-horse-where-do-i-enter-it-on-my-return/00/74185
Report Inappropriate Content. I have income and expenses from a race horse. Where do I enter it on my return? Schedule C Profit or Loss from Business is the form you would use. Consider it self-employment income. In order to take a portion of the purchase price, you will need to claim depreciation. Here are several links you may find helpful ...
Tax Tips for Rodeo - Pivot Point Equine
https://pivotpointequine.com/tax-tips-for-rodeo/
A: “I can be reached at Deb Cox Tax Service, PO Box 581, Mullen NE 69152, (308) 546-2670.”. Thanks for joining our conversation today. If you would like to know more about this month’s topic, feel free to reach out to Deb at the contact information above or myself, Becky Pearson, at (308) 870-2526 or on Facebook at Pivot Point Equine ...
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