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.
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
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...)
I haven't been coming on here much anymore as my BBF projects are all "done", but holy cow, is there any moderators left? I'm trying to help out by reporting spammers as I come back, but wow, there's a TON of them, and it seems like some that I report go unnoticed for days or weeks.