Bob

You have to treat it as a business and have the goal of generating revenue/income.

I raced for a few years, got audited and won. It all in your business plan, accounting, execution and presentation at any subsequent audit. If you do get audited and they determine you have no bona-fide goal of generating income, you get hit with the "hobby" label.

There is plenty of bad info out there, including in this thread. You don't have to do it full time and the name of your company or enterprise does not have to appear anywhere on the car.