dundeedm Posted March 27, 2013 Share Posted March 27, 2013 I was having a discussion with someone today on the discussion of gifts, gambling, and money. It was mostly talking about game shows and such. But I started thinking about racing. And I wondered how most drivers and tracks deal with "winnings". I'm sure most drivers can prove they didn't make a profit over the season. But for some who race more and win more often I wondered how they dealt with taxes. Do the tracks have hand out a form when a driver wins a large amount of money? Who is responsible for the taxes on winnings paid out? I think unless you can prove a profit for so many years you can no longer claim racing as a business, and it's considered a hobby by ny state & the federal government. (ok not positive on that) I was wondering if a few people could enlighten me on this subject. Quote Link to comment Share on other sites More sharing options...
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