Does anyone write there motocross racing on there taxes?

[132]

I was wondering can you set up your motocross racing as a business?I do it for recreation but I have heard some write there expenses off on there taxes.thanks Rick

[Doug.]

I think you have to be a very good Amateur or Pro to be able to write-off racing on your taxes. If your pro, your good to go...but if your an amateur, you have to be able to convince Uncle Sam. I dont think the average guy can do it though. Look in the January 2005 issue of Motocross Action, they explain it.

-Doug

[Bultaco206]

I do. ?

But I get a W1099 as a sub-contractor for our racing organization so I have an income to declare to offset the racing expenses. To do it just as a racer -prepare for a visit from Aunt Iris (IRS)

[Possumpopper]

You may have to prove that racing is a business and not a hobby. If you can prove that it is a business then go for it, there is a set number of years that you can take a loss though.

[Doug.]

Possumpopper, you got it right man.

[Dust_Devil]

I have friends that advertize with thier bikes and bike trailers....thats a write off!!

[stevieray1958]

Do you have a business related to racing? Some stuff can help you with write offs, especially advertising. AMSOIL is one such business and I know, I know, it is multi-level marketing, BUT you can certainly use it as a basis for tax puposes. Creativity is the key, and staying within the law. Make sure you have a GOOD tax person, that helps out heaps!

[DL126]

I have 3 different "branches" of business.

Computer sales & service - Custom Graphics - Dish Network satellite sales & service.

I do work in all 3 with people at the motox trax.

The graphics side of things is actually done at the track.

And I've sold several satellite setups at races.

Sometimes I'll help the track promoters with computers when they have problems.

Therefore, my truck, camper, bike, & quad are all written off as business expenses.

Perfectly legitimate. Being at the track really IS part of my business.

But to do something like this, if audited, you'd better be able to prove the claims.