Sponsoring a race team

[rkhan71]

I know the answer to this I believe, but sometimes you doubt yourself. My client is sponsoring a race team - $4,000 in 2014, and will be doing it again this year. He a a W-2 wage earner with a single rental property as regards income circumstances. Want to know how I can advise him on making his "hobby," it seems, deductible, if any for past and future contributions. I just do not want to miss something in qualifying any deduction, if at all.

Thanks for all your insight this time of year.

Thank you.

Ray

[DaveO]

Unless its a 501c3 race team he is out of luck.

[Burke]

I know the answer to this I believe, but sometimes you doubt yourself. My client is sponsoring a race team - $4,000 in 2014, and will be doing it again this year. He a a W-2 wage earner with a single rental property as regards income circumstances. Want to know how I can advise him on making his "hobby," it seems, deductible, if any for past and future contributions. I just do not want to miss something in qualifying any deduction, if at all. Thanks for all your insight this time of year. Thank you.

Ray

If he had a business, and the car was painted with information/logo pertaining to that business, he could possibly deduct it as advertising. Doesn't sound like that is the situation. No charitable deduction.

[rkhan71]

Thanks...

That is what I have been reading in my research to try to fit a deduction into his return. Not seeing it.

Thanks for taking the time for comments.

Ray