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Discussion Starter #1
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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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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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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Discussion Starter #10
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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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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