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Old 11-24-2020, 09:54 AM   #11
jmcarter
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Default Re: racing next year?

Oddly, during the Raiders ball game they commented that Davis had been given permission to have 4,000 fans at the game but he declined that on the basis that all the ticket holders should be allowed to come. But still, 4,000 seems a pretty large number in a “closed” stadium. Think the maddening part is seeing almost whimsical and arbitrary rules surrounding public gatherings. Have no problem with this being a science driven process (after all, the engineering and technical aspects of our cars is an applied science) but the inconsistency of application generates most of the chaos.

Remaining “glass half-full” that with vaccines coming we’ll weather the storm and 2021 will be a great racing season for all.
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Old 11-24-2020, 10:15 AM   #12
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Quote:
Originally Posted by Irace007 View Post
Do you pay TAXES on your WINNINGS ?? If so then it's a BUSINESS
Yeah,yeah,yeah, I tried to play that game in N.J. for a long time. Over X amount of dollars you pay taxes on your winnings whether you're a business or not. They also don't like you trying to claim your expenses to offset your winnings.
There are very few Sportsman Racers who can get away with claiming their racing as a business. I DO believe that it is a Sport though.
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Old 11-24-2020, 12:33 PM   #13
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Default Re: racing next year?

I tried one year back in the 1990's when I was doing a lot of bracket racing and doing well at it one year to claim the winnings as gambling. I then deducted the entries as losses of gambling.
Needless to say that did not work and I was audited.
My last try at that.
I thought it was better to ask for forgiveness than ask for permission from a Government Agency.
They only charged me interest on the deduction and no penalty after the audit which was a pain.
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Old 11-24-2020, 02:34 PM   #14
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Default Re: racing next year?

The Strip at LVMS website shows all remaining races in 2020 cancelled. Maybe it's a good thing we'll be starting later next year?
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Old 11-25-2020, 07:32 AM   #15
Glenn Briglio
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Default Re: racing next year?

Quote:
Originally Posted by Billy Nees View Post
Yeah,yeah,yeah, I tried to play that game in N.J. for a long time. Over X amount of dollars you pay taxes on your winnings whether you're a business or not. They also don't like you trying to claim your expenses to offset your winnings.
There are very few Sportsman Racers who can get away with claiming their racing as a business. I DO believe that it is a Sport though.
I'll just say one thing........find a better accountant!!!!!
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