I spend a large amount of money each year on my race car during racing season. Can I deduct any of these expenses when filing my taxes?

If your income is from racing, then your claim your income on your Schedule C (1040 long form), and your expenses there too.

If racing is a hobby - then no, you can't deduct your expenses.

One Response to “What can race car drivers deduct when filing taxes?”

  1. Cat Says:

    If your income is from racing, then your claim your income on your Schedule C (1040 long form), and your expenses there too.

    If racing is a hobby - then no, you can't deduct your expenses.
    References :

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