TAXMAN Posted December 4, 2008 Report Share Posted December 4, 2008 I am trying to figure out class life for a Drag Race Car? The motorhome to pull the trailer? and the trailer itself? Anyone in the field of preparing these returns(schC) for race car owners have any information would be greatly helpful. Thanks in advance. Taxman Quote Link to comment Share on other sites More sharing options...
jainen Posted December 4, 2008 Report Share Posted December 4, 2008 >>Race Car, Depreciation<< In my opinion, depreciation is not available for a race car. Since there can be no realistic expectation of profit, it is not property held for productive use in a trade or business. Quote Link to comment Share on other sites More sharing options...
PapaJoe Posted December 4, 2008 Report Share Posted December 4, 2008 Tell that to John Force. Quote Link to comment Share on other sites More sharing options...
jainen Posted December 4, 2008 Report Share Posted December 4, 2008 >>John Force<< Oh, does he file Schedule C? http://www.johnforceracing.com/ Quote Link to comment Share on other sites More sharing options...
KEYWEST_RICKS Posted December 4, 2008 Report Share Posted December 4, 2008 I agree that this could be a hobby and not a business. I assume that the client is not John Force, Jeff Gordon etc. Those would be very special situations. and if that is the case you have a business..... otherwise i think hobby and not business. is the person actually making any money racing? Jeff Quote Link to comment Share on other sites More sharing options...
Medlin Software, Dennis Posted December 5, 2008 Report Share Posted December 5, 2008 No one makes money "racing". In racing industry money can rarely be made - selling advertising :D Quote Link to comment Share on other sites More sharing options...
ed_accountant Posted December 8, 2008 Report Share Posted December 8, 2008 John Force racing is incorporated. With increase of audits on the self employed, I would suggest that your client incorporate. Good luck Quote Link to comment Share on other sites More sharing options...
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