Posted by Tony C. on December 11, 2012 at 16:02:41 from (188.8.131.52):
In Reply to: D.O.T. posted by JimEvans on December 09, 2012 at 07:51:50:
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That's interesting about the Guidance given. It seems they want you to report the winnings as ordinary income but not report expenses. This runs counter to activities like gambling, where you can deduct losses up to the amount of winnings; that makes it a wash financially and is treated as a hobby. Only non-hobbyists (professional gamblers) can deduct losses that exceed winnings for the year. You would think that for hobby car racing it would work the same way, declare the winnings and expenses, but don't be allowed to take a loss.
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