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post #1 of 14 (permalink) Old 10-31-2009, 05:57 PM Thread Starter
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race car on taxes

i was told that u can claim your race car on your taxes but u can only claim a loss for 3 years then u have to claim u made money doing it any 1 know about that. i was told its on turbo tax.
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post #2 of 14 (permalink) Old 10-31-2009, 06:22 PM
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Did it, dont anymore, too big of a pita...........
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post #3 of 14 (permalink) Old 10-31-2009, 09:55 PM
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Did it, dont anymore, too big of a pita...........
X2

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post #4 of 14 (permalink) Old 10-31-2009, 10:05 PM
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It wasn't just the racecar, I had a little sideline selling diesel performance stuff, trannys etc.

Not worth the aggravation for a small time hobby racer.
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post #5 of 14 (permalink) Old 10-31-2009, 10:45 PM
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I work with a circle track racer and this came up. The "norm" is to race and claim a loss for the first three years and then fold up and start a different one? Not sure on that one, but yeah, it sounds like a PITA.
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post #6 of 14 (permalink) Old 11-01-2009, 12:02 AM
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Claiming a race car on your taxes will get you an audit faster than your race car can go.
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post #7 of 14 (permalink) Old 11-01-2009, 04:22 AM
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Claiming a race car on your taxes will get you an audit faster than your race car can go.
YEP! they got my sister that way.
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post #8 of 14 (permalink) Old 11-01-2009, 07:12 AM
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TAXES, Run Forest run.

Farther you can stay way from them SB's better off you are.
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post #9 of 14 (permalink) Old 11-01-2009, 07:46 AM
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Yeah.....I believe I'll keep the government out of my hobby as much as possible.

The older I get, the smarter Dad was.
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post #10 of 14 (permalink) Old 11-01-2009, 08:27 AM Thread Starter
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yeah my friend did it and is getting audited now. he had to send them all the papers he had for the cost of the parts,motor,tranny. he was thinking it was because of the $$$$$ he was claiming on the car
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post #11 of 14 (permalink) Old 11-01-2009, 10:20 AM
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Quote:
Originally Posted by Maverick View Post
Yeah.....I believe I'll keep the government out of my hobby as much as possible.
My thoughts exactly

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post #12 of 14 (permalink) Old 11-02-2009, 06:37 PM
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The only time to claim anything on taxes is if you win enough money racing to get a 10-99.
In that case...unless you want to pay tax on your winnings...you need to show you spent more than you won. (Fuel, entery fees, etc...)

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post #13 of 14 (permalink) Old 11-02-2009, 06:50 PM
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IMO the deal is that if you race full time for a living your ok, otherwise it is a hobby and listen to all the posts above!
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post #14 of 14 (permalink) Old 11-02-2009, 06:53 PM
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Quote:
Originally Posted by Moodyblues View Post
IMO the deal is that if you race full time for a living your ok, otherwise it is a hobby and listen to all the posts above!
What do you do if you win say $6,000 in a season and you get a 10-99?
Just go ahead and pay the tax?

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