My accountant told me that not only do you have to show income, but it
has to show profitability to get out from underneath the IRS radar
screen.
Face it, for our level of motorsports activity, it is extremely hard to
show a profit.
]-----Original Message-----
]From: owner-ba-autox@autox.team.net
[mailto:owner-ba-autox@autox.team.net]
]On Behalf Of Rob Weinstock
]Sent: Friday, April 12, 2002 12:55 AM
]To: autoxin@yahoo.com; ba-autox@autox.team.net
]Subject: Re: Hobby tax deductions.....
]
]>Does anyone have any experience with expensing AutoX
]>related expenses on your income tax?
]>
]>I'm trying to figure out if it is possible. I thought
]>I'd ask because I know someone has probably already
]>explored this route at one point in there AutoX
]>careers.
]>
]>If anyone has any advice on this, legal or otherwise,
]>please respond to me directly.
]
]I read on this some time ago, and believe that you must be able to show
]that
]your hobby generates income. It doesn't have to be profitable, just
income
]generating. So, if you won a cash prizes at AAS, you might have luck.
]
]You can download the appropriate publications and forms directly from
the
]IRS website.
]
]Regards,
]
]Rob
]
]_________________________________________________________________
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