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racing ???

  1. #1
    Super Moderator legalspeed's Avatar
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    racing ???


    Do you guys write off racing on your taxes??

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    LRRS\CCS\WERA #486

  2. #2
    Just Registered beet's Avatar
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    i would dont get greedy thoe

    its a biz.

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    www.bostonmoto.com

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    Heres a condom. I figured since youre acting like a dick, you should dress like one too.

  3. #3
    Lifer GMAN226's Avatar
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    racing ???

    I haven't found a way yet...

    G-man

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    Gerard

  4. #4
    Super Moderator legalspeed's Avatar
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    racing ???

    OK, If I do I'll pass it on.

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    LRRS\CCS\WERA #486

  5. #5
    Lifer GMAN226's Avatar
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    racing ???

    Sweet

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    Gerard

  6. #6
    RSVMILLE661
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    racing ???

    Double Apex Racing LLC. As a business since 1996. You can write it off for 3 years as a loss after that it becomes a hobby.
    The cool thing is that if you purchase a vehicle such as a truck or bike that is "owned" or "used" for the business you can write off upto 25% of the gross for the first year and I believe it is the remainder the year after that. But the vehicle has to have markings (be a license plate) or something to identify it as a business vehicle.

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  7. #7
    aka Johnny Valve Stem need4speed's Avatar
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    racing ???

    Originally posted by RSVMILLE661
    Double Apex Racing LLC. As a business since 1996. You can write it off for 3 years as a loss after that it becomes a hobby.
    The cool thing is that if you purchase a vehicle such as a truck or bike that is "owned" or "used" for the business you can write off upto 25% of the gross for the first year and I believe it is the remainder the year after that. But the vehicle has to have markings (be a license plate) or something to identify it as a business vehicle.
    I would think that if the vehicle(s) are registered in the businesses name it would be a more than 25% .

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    John
    LRRS\CCS #714
    2004 Duc 620 monster racebike
    89 EX500 racebike - sold
    98 Superhawk 996

    "To repeat what others have said, requires education; to challenge it, requires brains".


  8. #8
    RSVMILLE661
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    racing ???

    John,

    It was something I let my accountant handle, It may have been more but I thought for the first year she said we could only do 25% of the vehicle cost. I'll double check with her.

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