"Bottom line, towing your race car to the races where
you race for cash is now determined to be a commercial
enterprise. "
That would be a GOOD THING if they forced that on us,
as we could then write off all racing costs, travel
expenses, depreciation, etc. Right now you can't
deduct racing expenses unless it's in the normal
course of business. If you try, you will prolly get an
audit notice under the hobby-loss provisions. I guess
we will now have to carry a copy of our current income
tax returns??????
Ed
--- Tom Shannon <saltfevr@mail.sisna.com> wrote:
> list;
>
> Came across this article on a drag race site. I know
> everyone is thrashing for Speedweek,and this deals
> with cash purse racers. Plus not sure how many BUB
> racers tow these trailer types? Anyone from
> Wisconsin can verify this story? Or similar
> experiences?
> http://www.dragracingonline.com/deadon/vii_7-1.html
> Remember to click on page 2 of article for DOT Q &
> A.
>
>
>
>
>
>
>
>
> Tom Shannon
> Magna, Utah
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