Taxes, How to take track dates off your taxes ?

[GTS Bruce]

You're spending a lot of money for your Sunday drives.Why not set up a separate business and go racing?Get your license and go srf ford pro or run a cup lite or legend car at the local circle track.Work on getting sponsors to ofset expenses.Lose money for a few years and fold the venture,or break even and keep going.A track event is not even amateur racing and I can't think of any way you can get any sort of write off. Bruce

 

[FrankBarba]

i set up a seperate business venture for 3 years. Looked for sponsors couldn't get any....folded the business after 3 years at my accountants advice...if your not making any $$$ at this
it is only a rich mans hobby....

 

[Bob Woodhouse]

Countach: A different approach to consider: If your main business has any affiliation with cars, or with contacts made through cars, then you can consider what you do here training or sales expense. I can prove the viability to the growth of my main business. A home builder friend of mine has successfully passed an audit with proof of the homes he has built for clients met through his car relationships. I am not an expert, no questions please.