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How to claim racing on taxes?? | NastyZ28.com
https://nastyz28.com/threads/how-to-claim-racing-on-taxes.76446/
I purchased a race horse in 2017. Can I claim the ... - TurboTax
https://turbotax.community.intuit.ca/community/getting-started/discussion/i-purchased-a-race-horse-in-2017-can-i-claim-the-expenses-of-the-purchase-along-with-training/00/911582
I purchased a race horse in 2017. Can I claim the expenses of the purchase along with training, boarding and misc bills? If you were in the Farming Business and had more than one horse which you were "maintaining", you may be able to claim your expenses.
Auto Racing Tax Deductions | 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
Write Off Your Racing. A uto racing is expensive at any level. Often, a racer looks to reduce the cost by treating it as a business activity to deduct the expenses. Racers who do this have encountered mixed results when the IRS challenges their returns. If you are going to give this a try, it’s a good idea to understand how the tax rules ...
I bought a car in 2017. Can i claim the taxes I paid on my …
https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-bought-a-car-in-2017-can-i-claim-the-taxes-i-paid-on-my-2017-taxes/00/163100
You can enter the sales tax you paid for the car you purchased in 2017 by going to Federal>Deductions and Credits>Estimates and Other Taxes Paid> Sales Tax. You will be asked if you paid sales tax on a major purchase, and you will be able to enter the sales tax you paid for your new vehicle. Sales tax is an itemized deduction.
How Do I Claim My Gambling Winnings and/or Losses?
https://www.irs.gov/help/ita/how-do-i-claim-my-gambling-winnings-andor-losses
Amount of your gambling winnings and losses. Any information provided to you on a Form W-2G. The tool is designed for taxpayers who were U.S. citizens or resident aliens for the entire tax year for which they're inquiring. If married, the spouse must also have been a U.S. citizen or resident alien for the entire tax year.
Horse Racing Tax Rules Updated by US Treasury & IRS
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 long pressed for these …
I have income and expenses from a race horse. Where do …
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 ...
Topic No. 419 Gambling Income and Losses - IRS tax forms
https://www.irs.gov/taxtopics/tc419
Gambling Losses. You may deduct gambling losses only if you itemize your deductions on Schedule A (Form 1040) and kept a record of your winnings and losses. The amount of losses you deduct can't be more than the amount of gambling income you reported on your return. Claim your gambling losses up to the amount of winnings, as "Other Itemized ...
Taxes On Hobby Activities | H&R Block
https://www.hrblock.com/tax-center/filing/adjustments-and-deductions/taxes-on-hobby-activities/
Hobby Income and Expenses. If the activity is a hobby, you will report the income on Schedule 1, line 8 of Form 1040. The income won’t be subject to self-employment tax. Because of a change made as part of tax reform, you won’t be able to deduct expenses associated with your hobby. You won’t be able to claim the home office deduction.
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