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Posted by: Phoenix 914-6GT Mar 31 2008, 11:54 PM

So I just came across all the receipts of the stuff I have bought for my car this year.

Race seats
Transmission with MSX and TB dif
2.4l engine
PR engine mount and trans mounts
PR shift linkage bushings
Rennshift
Tangerine fuel lines
Oddyssy PC680

okay... some of this I traded for.... but

Dang it.....

Don't you ever wish you never looked at how much you spent on the stuff you put in there? I generally try not to look but I was getting everything ready for taxes and just happened to look through the stack o 914 papers.

Here is to spending money on 914s And all the fun that comes from them

Posted by: chris914 Apr 1 2008, 12:04 AM

How do you write 914 stuff off on your taxes?

Nice parts!

Posted by: Phoenix 914-6GT Apr 1 2008, 12:07 AM

I wish I could ... I just keep all the records with all the other bills and receipts.

Posted by: sww914 Apr 1 2008, 12:11 AM

Racing is a legitimate advertising expense, Pepsi, Tide, Ferrari, Dupont, they all write it off as advertising because it is. They write off billions, we write off thousands. Also you can write off all of your losses if you have a business license for whatever racing and you can prove that you did have a reasonable expectation of profiting- for example if you advertised looking for sponsors and can prove it then it's reasonable to expect that you could have gained a sponsor and the business could have profited.

Posted by: Phoenix 914-6GT Apr 1 2008, 12:20 AM

Yeah, but the IRS already hounds Real Estate agents by making sure their deductions are within reason. I try to do everything to avoid audit as I have seen them waste so much of my fathers time. Even though every time they did an audit they found they had to give him money back it always took three days to a week away from him and added unwanted stress.

Posted by: rick 918-S Apr 1 2008, 07:51 AM

QUOTE(Phoenix 914-6GT @ Mar 31 2008, 10:20 PM)

Yeah, but the IRS already hounds Real Estate agents by making sure their deductions are within reason. I try to do everything to avoid audit as I have seen them waste so much of my fathers time. Even though every time they did an audit they found they had to give him money back it always took three days to a week away from him and added unwanted stress.

Sounds like a provable loss to me... nuther deduction.. check!

Posted by: Gint Apr 1 2008, 09:10 AM

I quit paying attention to how much I spend on cars a long time ago. I'm not in it for the money (obviously!).

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