Not sure if this is the right section or not but.....I'm looking to see how other businesses are being legit in having a company race car. I've checked with our accountant and a couple others and keep getting conflicting answers. I run a successful business and spend my fair share racing so it would be really great to use one to offset the other.

 

This is my race truck . My buddy on the right is the owner of the glass company on the door sign . He pays my tech cards and admission for the season for running his signs . I also fill out the tech card with alot of extra info about his company . The announcer told me the more info i put down the more they would talk about his company , He does custom frameless shower encloseres and full glass service , bad *** craftsman . He also races a 99 S-10 that also has his logo on it . I will ask him how he writes it off as advertising .

 

We've been told that we can write it off as advertising as long as I(the business owner) don't drive the car.

 

My accountant acts like it is a hobby so there for it can not really be written off. I say bullshit. They sure want me to fill out a w9 when I win money. If it's a hobby why should I have to pay taxes on winnings?

 

If you win money, save all your receipts and write them off on a home (auto repair?)business on your taxes. Technically, you can claim a loss for a certain number of years, but I do believe I would only write off enough to break even.

I know someone that did it for a few years.

Al

 

What kind of business are you?

Obviously all my cars,parts ect are complete write offs for advertisement/vehicle expenses.

 

We have an outdoors business. Non auto related but advertisement is advertisement in my book. There is a gun shop that has a car at the track at well. I need to track him down one of these days and see what he's doing.

 

interesting thread! i would have never thought of all these little details!

 

I just do mine as advertisement expenses!

 

We use 2 cars, a cigarette boat and a truck as a write off but we are in the business of racing. I don't know how it would matter if you have your business name on it for advertising. I used the boat for advertising even with my construction company and was never called on it.