Financing Racing

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Aug 28, 2002 | 01:13 AM

Brncomtb

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Joined: May 2002

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Financing Racing

Aug 28, 2002 | 04:45 PM

flatliner

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Joined: Jun 2002

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From: Blackville, SC, USA

Financing Racing

Has anyone ever heard of claiming racing as a business? Is it possible and what are the requirements. I'm sure the big boys do it but what about the small timers. :7

Aug 28, 2002 | 11:01 PM

bountyhunter

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Joined: Jan 2001

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Financing Racing

Not sure where you are but in Alberta Canada there has to be a reasionable expectation of making a profit. I run my modified tractors as a business, declare all the income and all the expenses but I also own my own business and run it as a division of my auto repair shop. Bountyhunter

Aug 28, 2002 | 11:02 PM

PlumCrazy55

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Joined: Oct 2001

Posts: 93

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Financing Racing

I raced on ASPHALT for 15 years,4-5 nights a week and claimed it as a business.You have to keep very good records just like any other business.You have to show a reasonable profit in at least 3 out of 5 or 3 out of 7 years(I don't remember-you'll have to ask your tax preparer)and be ready to get called on it.I had to go to court with the IRS and with my lawyers help we proved that it was a business.
H&R Block wouldn't help us out at all so we switched to a local lawyers office to prepare our taxes.
Its been 10 years since I've raced so things may have changed a little.
Good luck!
P.S.
Dirt's very good for growing taters!

Aug 28, 2002 | 11:05 PM

Mil1ion

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Financing Racing

Greg, I haven't seen you post in the Alberta Chapter forum.
Where are you in this Province?

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