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DOR: Motorsports Tax Guidance - Indiana
https://www.in.gov/dor/business-tax/motorsports-tax-guidance/#:~:text=Any%20out-of-state%20professional%20racer%20who%20receives%20income%20resulting,on%20a%20nonresident%20race%20team%20members%E2%80%99%20composite%20return.
Master Your Money | Sapling
https://www.sapling.com/7879552/auto-racing-tax-deductions
Beware, however, that the Internal Revenue Service and federal tax courts have noted that people often engage in auto racing for amusement or recreation as …
Auto Racing and Taxes - The New York Times
https://wheels.blogs.nytimes.com/2009/03/12/auto-racing-and-taxes/
March 12, 2009 12:55 pm. 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 would pay as little as zero taxes on the $5 million licensing earnings from Penske Racing. Racecar drivers have been moving to Monaco for decades to dodge tax …
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 …
How to claim racing on taxes?? | NastyZ28.com
https://nastyz28.com/threads/how-to-claim-racing-on-taxes.76446/
income was $80 means you had a loss of $20 That $20 comes off your Regular job income. If you actually MADE money from racing,, let us know how, Will ya? But a profit is extra income to pay taxes on. The company needs to show a profit 1 out of 5 years, or its deemed a HOBBY and not a business. Hobbies are not tax deductible. Feb 3, 2007 #3 77RS
DOR: Motorsports Tax Guidance - Indiana
https://www.in.gov/dor/business-tax/motorsports-tax-guidance/
I am competing for money using a race car. I was wondering
https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-am-competing-for-money-using-a-race-car-i-was-wondering-where-you-could-deduct-the-cost-of-racing/00/315947
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Solved: Racecar driver- hobby vs business? - Intuit
https://ttlc.intuit.com/community/taxes/discussion/racecar-driver-hobby-vs-business/00/571061
The difference between a hobby and a business for the IRS is how you conduct your operations and activities. For example, if your expenses are exceeding your income from racing, you are not tracking racing related finances, and you are not making any changes to how you manage your racing activity, the IRS will likely try and classify racing as ...
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 …
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
Another way to look at it - A winning $2 Pick 6 ticket that paid more than $5,000 would have had taxes withheld, even if the total investment was $100. Now, a $100 Pick 6 wager will only have taxes withheld if the winning payout is over $30,000.
Here’s when the state income tax refund will arrive and …
https://news.yahoo.com/state-income-tax-refund-arrive-182116443.html
2 days ago · Head of Household filers could receive a maximum refund of $375. Married individuals who file joint returns could receive a maximum refund of $500. The refund amount will be based on an individual’s tax liability,” the governor’s office said in a news release Wednesday. Kemp signed a bill into law in March allowing for the refunds, saying ...
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