[racer-x]

Originally Posted by zerospeed So how do you guys work racing and your taxes. I have traditionally just wrote off up to what I made and that's it...so if I spent $15000 and made $5000, I just write off $5000 and stay even. But after some thinking, if I won a ton of money and it exceeded my expenses they would surely make me claim it. I won one measly race this year and it only paid $800....so I definitely spent way more than I won. If I won 15 races at $2000 to win in the series I was running I'd have made about $30k and spent about $18k this year. I bet I won about $9k and spent $18k...so, don't I deserve to be able to write the rest of those expenses off? I know the whole "hobby loss" thing and all that, I've read up. But like I said, those clowns would make me pay if I won more than I spent. Any experience out there?

Get a good tax guy. You can easily save what he costs you in the long run.