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Author Topic:   I.R.S. and race cars
xhubby
Dirt Full Roller

Total posts: 74
posted January 19, 2003 07:19 PM
How many of you do the tax thing with your race cars? My income tax return on my car is usually my biggest sponser, but it sure seems like a pain in the *** to go through all of the receipts. Is there a simple way to figuer all of these expenses? I usually categorize everything such as parts, materials, tools,travel expenses,tow rig repairs, etc. Is this necessary, or can you just lump them all together? If there is an easy way to do this please let me in on it. Thanks.

Racer14K
Dirt Freak

Total posts: 247
posted January 20, 2003 12:24 PM
We seperate it all, give to the tax man and let him handle it.

worldcom
Dirt Full Roller

Total posts: 47
posted January 31, 2003 09:57 PM
how much do you typically get back in tax money by keeping track of all that?

quote:
Originally posted by Racer14K:
We seperate it all, give to the tax man and let him handle it.


Racer14K
Dirt Freak

Total posts: 247
posted February 03, 2003 01:41 PM
We average about $1200.00

DMS CEO
Dirt Freak

Total posts: 212
posted February 04, 2003 07:30 AM
OK I am single can claim only my self, made 50k+ last year and still got back 3100....SWEET.

hesseracing
Dirt Full Roller

Total posts: 55
posted February 27, 2003 01:35 PM
We just take all of our rec for one place and add up the cost of it for ex. advance auto is one stack with a total,lowes rec. ect. then we add up all the miles for every thing and we usually get back 4500-4800 every year since we started racing.

2nd2none
Dirt Freak

Total posts: 368
posted February 27, 2003 04:50 PM
Im in the same boat as DMS CEO, single, made 50+k last year, wrote off $22,000+ racing expenses. Got back $6400

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