Payouts and attitudes

[BuickRacer]

The thing I dont get is this, racing is a hobby we do it for fun like boating,baseball,hunting & etc....so why in the hell is the IRS making these tracks 1099 the drivers or car owners of the earnings they receive?,When it's really not what you call earnings,that is BS

Only when you win over $500 in a year do you have to claim it.

[flvideo]

And when you itemize your expenses excede your earnings! HOBBY!

PS: I just thought if its a Hobby you can't itemize it I guess. Do they
still make you pay taxes on the winnings and not let you deduct the
expenses? Bob....

[ss29]

hey edm, good seeing you back at the track and thanks for the help.i would have been happy to atleast finish after all the work but that the way it goes sometimes.i heard you all had a good time at pub44

[RSB]

racing as a bidness

My accountant, Loophole Larry set up my racing as a business and told me the IRS would allow me to lose money for three years in a row. After that, they get suspicious.

[georgep]

[QUOTE=RSB;27540]My accountant, Loophole Larry set up my racing as a business and told me the IRS would allow me to lose money for three years in a row. After that, they get suspicious.[/QUOTE]

Very true. All you you need an LLC (that means it is a limited liability company and ONLY things under that Company are at risk) or DBA (that means your earnings are in one pot)
Then you can deduct away. We have LRP MOTORSPORTS Ltd a corporation based at Stratford on the Avon UK. Local office is in Orange Park Florida. That is where ALL of our racing is tracked. Since we run for trophies and a pat on the back it is charged off as advertising for Leatherique.

[Edm]

with us inquring minds want to know # 1 what kind of car or class was thst guy racing was he paying 8;50 gallon for fuel 500.00 for set of tires 30.00 to get in pits 50;00 entry fee for car 20.00 dollars to get the familly in stands 5.oo for hot dog 4,oo for coke was there a purse or was he racing for trophy if you don't mind tell us whole story some of these race cars they don't give away

and it ain't like in old days were you make all peices for car there ain't no more 200 .00 cars are they

I am not gonna say what class or who. He doesnt drive a strictly stock and he doesnt drive a super late model. I dont think he has a bunch of money but has spent a ton on his cars. The only reason I posted this is because this kind of attitude really pisses me off. It spreads like cancer and hurts the fans more than anybody. I hope others will realize this.