vp money

[PPS26]

is any one still owed vp contengency? and if u are have u called and been told give me you ss number and we will mail it and it hasnt come yet? cause thats me.. im sure its only a few bucks for fuel but still.....

[Doc]

I thoguht you had to use it to pay for VP fuel....?

[PPS26]

when i say money i mean the fuel certs

[gmdboston]

Any money that a company gives out for contingency or purse, whether it's cash, or certs is considered income to the rider. VP will take a tax deduction for what they pay you and you will get a 1099 for the sum of your 2007 winnings. As long as you are sure you talking to VP, you can give them you SSN and they will release the certs. This also means that you are now a professional racer so there are two things to consider. First, you may be able write off part or all of you racing expenses under the Hobby Loss tax codes. Ask your Accountant. Second and of much greater importance, your medical insurance may turn into a pumpkin. Most insurers will cover amateur racing, but if you win money, or certificates (legally it's same thing) you are now a professional motorcycle road racer. Read you policy carefully. you may not want to receive those certs after all.

[Crash Dummy Denno]

Any money that a company gives out for contingency or purse, whether it's cash, or certs is considered income to the rider. VP will take a tax deduction for what they pay you and you will get a 1099 for the sum of your 2007 winnings. As long as you are sure you talking to VP, you can give them you SSN and they will release the certs. This also means that you are now a professional racer so there are two things to consider. First, you may be able write off part or all of you racing expenses under the Hobby Loss tax codes. Ask your Accountant. Second and of much greater importance, your medical insurance may turn into a pumpkin. Most insurers will cover amateur racing, but if you win money, or certificates (legally it's same thing) you are now a professional motorcycle road racer. Read you policy carefully. you may not want to receive those certs after all.

wow - no kidding - i guess i will be keeping all my receipts then related to race prep, gear, tires, etc. thanks for the info

Denno