For several people, nothing surpasses the feeling of bombing down the racetrack at breakneck speed, passing a rival while the wind sweeps through your hair, engine grease sticks under your fingernails and a whiff of unburnt fossil fuel lingers about your nostrilshe only thing remotely comparable to winning the race may be claiming tax deductions for your effortsell, if your car has the right set-up, then the government may let you do just thatusiness vsobby ActivityOne procedure to substantiating tax deductions for auto racing expenses involves characterizing the undertaking as a market rather than hobby activity under Treasury Regulation Section 183-2or an example of how to do so, look to the case of Morrissey vommissioner, which concerned a banker who operated a competitive drag racing outfithe taxpayer proved that he entered into racing with the genuine and honest intent to earn a profit, and therefore, the court allowed him to claim deductions for racing-relate ... [Read More - How To Understand Men Funny]
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