[legalspeed]

Do you guys write off racing on your taxes??

[beet]

its a biz.

[GMAN226]

I haven't found a way yet...

G-man

[legalspeed]

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

[GMAN226]

Sweet

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.

[need4speed]

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% .

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.