From: Ryan Gill (rmgill@mindspring.com)
Date: Mon Dec 12 2005 - 17:24:52 PST
At 5:39 PM -0600 12/12/05, Michael Howell wrote:
>
>I also found another link to a Hot Rod magazine
>article about the DOT cracking down on racers.
>I couldn't find that link today, if I turn it up
>tonight I will post it. It was saying about the
>same thing as the above link except it mentioned
>that if you write off your expenses or show your
>winnings on your tax forms you have to stop at
>the scales etc.
Racers are asking for it because they show
advertisements on the side of their trailers a
lot. Don't advertise on the trailer, they're less
likely to get popped.
>It is my observation that change is in the air
>and what we have all done in the past in pursuit
>of our hobby may soon be crossing the line.
>Unless ,of course, you only drive your MV and
>never trailer it or ever sale any parts for it
>and never enter it in any shows (or races ;-))
>with a prize.
If you report your earnings or losses related to
the hobby as business income/losses, then it's
commerce. That means you go according to the
FMCSRs. If you Do NOT report it as business
income, then it's just a hobby.
--
--
Ryan Gill rmgill@SPAMmindspring.com
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I speak not for CNN, nor they for me.
But I do work there and still like the company.
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'60 Daimler Ferret '42 Daimler Dingo '42 Humber MkIV (1/2)
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