Do you guys write off racing on your taxes??
LRRS\CCS\WERA #486
its a biz.
www.bostonmoto.com
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Heres a condom. I figured since youre acting like a dick, you should dress like one too.
I haven't found a way yet...
G-man
Gerard
OK, If I do I'll pass it on.
LRRS\CCS\WERA #486
Sweet
Gerard
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% .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.
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".
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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