Client has a racing car and wants to put it on Sch C. He only bought a motor for it! Nothing else. He says "his buddies" at the plant put it on their taxes too. This is cosidered as a hobby. Right?
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SueBaby -
Not even quite a hobby yet
In my opinion SueBaby. When someone comes in with the "Race Car" business I tell them we will start the form as soon as they have some income. Haven't started one yet.In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
Alexis de Tocqueville -
Yeah, that is exactly what I told him. But he 'knew' better than I did and said all of his buddies has done this for years. Yeah right. So I did not do it 'like he told me to' . I just told him to take it where his buddies do their taxes too. I was 'ladylike' and not really told him where to take it.Originally posted by DaveO View PostSueBabyComment
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Do you start
when you buy an engine or is it when placed in service. "HOBBY"-tell you guy he would make more money turning his buddies in for the finder's fee than he would racing.Comment
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As they say
Well, as they say down here in NASCAR country, "That's racin'' !""The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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