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Auto Racing and Taxes - The New York Times
https://wheels.blogs.nytimes.com/2009/03/12/auto-racing-and-taxes/
Auto Racing and Taxes. During Helio Castroneves’s tax evasion trial, prosecutors have alleged that the two-time Indy 500 winner was planning on ditching his home in Florida for Monaco, where he...
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 ...
Write Off Your Racing - Sports Car Market
https://www.sportscarmarket.com/columns/legal-files/write-off-your-racing
To be deductible, auto racing expenses must be “ordinary and necessary” to the operation of the related business. But, as in many tax situations, ordinary words do not always carry their ordinary meanings.
What's a tax break for car racing doing in the budget deal?
https://www.foxbusiness.com/markets/whats-a-tax-break-for-car-racing-doing-in-the-budget-deal
The $4,000 to $40,000 credit for purchases of new hydrogen fuel-cell vehicles is extended, as is the credit for 10 percent of the amount paid for new two-wheeled plug-in …
How to claim racing on taxes?? | NastyZ28.com
https://nastyz28.com/threads/how-to-claim-racing-on-taxes.76446/
All expenses related to the racing team, from team uniforms to transportation to and from racing, entry fees, parts, insurance, support vehicles etc all must be recorded. All income from prize money, sponsors etc also must be recorded. Expenses are $100. income was $80 means you had a loss of $20.
DOR: Motorsports Tax Guidance - Indiana
https://www.in.gov/dor/business-tax/motorsports-tax-guidance/
Any out-of-state professional racer who receives income resulting from a race event held in Indiana is subject to the State’s 3.23% income tax plus the county income tax rate applicable to the county where the race event was held unless that income and tax has been reported on a nonresident race team members’ composite return.
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.
Horse Racing Betting Tax Rules: Are Taxes Owed On Winnings?
https://www.bettingusa.com/horse-racing-tax-rules/
The previous reporting and automatic withholding regulations remain the same under current IRS horse racing betting rules. That is, winnings of 300-1 that pay at least $600 must still be reported to the IRS and winnings of 300-1 that pay at least $5,000 are still subject to automatic withholding. However, the manner in which those thresholds are met changes under …
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 ...
If I Use My Car for Advertisements, Is It a Tax Deduction?
https://pocketsense.com/use-car-advertisements-tax-deduction-8415.html
Driving your car can cut your taxes. As of 2013, IRS lets you write off 56.5 cents a mile if you drive your car on business, whether you're an employee or self-employed. You can get 14 cents a mile if you're volunteering for charity and 24 cents if you're claiming a medical or moving-expense deduction.
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