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I did it too, and as Challenger said, 5 years with no profit, and it's considered a hobby, not a business. Actually, I think it's 2 out of 5 years have to be profitable. Also, I agree, you need to have a knowledgeable tax savvy person help you to do it right and keep impeccable records, or that cavity search is always a possibility. And you will be surprised how much money you pi$$ away racing.



I would say in the 15yrs or so I have raced I have claimed it on my taxes about half...usually if I had a decent year and had receipts to prove all my expenses. If it was close to a wash I did'nt bother but I did deduct about 7-8k one year which was legit and was nice at tax time. Best advice I can give is have all your proof and don't get greedy...I know a couple who have been audited.

5.53 @ 125 1/8th on the launch control..more left in her!