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Topic: ASCS'ers Nabbed - Beware of Florida DOT
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Page 2 of 2 of 22 replies
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July 25, 2007 at
05:15:16 PM
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Joined:
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01/20/2005
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2079
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Reply to:
Posted By: dglennon on July 24 2007 at 11:23:58 PM
My favorite part about this topic that nobody seemed to mention...
I bought a semi so I could pull my race car trailer. Because I get paid and cross state lines, I have to comply with all the above mentioned log books, IFTA, etc. The DOT doesn't care if I make money, they consider the racing a business that must comply.
However, I don't think the IRS would like to see a loss year after year, they define it as a hobby loss. Doesn't seem to make sense to me!
On a side note, I love how an ordinary Joe can go buy a 53' RV and drive wherever. Heck, even throw a boat or enclosed trailer behind it - no problems!
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The IRS only allows you to write off losses for 3 years before you HAVE to show a profit (even for your hobby), otherwise they can just shut you down.
My wife is a CPA, otherwise I would not know this, as she does taxes for drivers that do it as hobby racers up to those that do it as professionals. Very sticky situation, and from what she has told me, 90% get audited at one time or another.
As far as the CDL thing goes, I remember hearing an interview with Danny Lasoski a few years back (when he was with Beef Packers the first time) and he stated that getting good help was difficult, but that as long as they had a CDL, they could teach them the rest later. My bet is that the top teams are already adhering to this.
As far as the ASCS guys getting nabbed by the DOT. I don't see it as any different than them stopping me (in my car) to check to ensure I meet state emission standards.
Just my $.02
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July 25, 2007 at
09:59:40 PM
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Joined:
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09/30/2005
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1387
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what technically is considered a RV or toterhome? , 'us racers call them toter" Ive considered purchaseing one and updating our rig, besides no more motels , Id like to have a shower and bed after a long night , Ive heard , a few different testimonials on a "not for hire", "bathroom", "wieght and size of unit", "how many axles", "decals", use as a buisness, because we race for money ect, Is the differance dependant on what state the vehical registered in, if so how do I comply when out of state? if anyone hase some good information on this "Broad" topic let me know , my trouble is, I am not capeable "currently" with the DOT to obtain a CDL, I can pilot a sprint car throttled up! but not a rig! im more healthy than most truckers , but my medication will not allow a CDL legaly, I hope the rules change soon in my state , untill then am stuck trying to make/buy a glorified RV out of a tractor and i dont know if i can drive it legally , anyone else been through this ? thanks
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July 25, 2007 at
10:35:57 PM
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Joined:
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10/30/2005
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498
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Reply to:
Posted By: dglennon on July 24 2007 at 11:23:58 PM
My favorite part about this topic that nobody seemed to mention...
I bought a semi so I could pull my race car trailer. Because I get paid and cross state lines, I have to comply with all the above mentioned log books, IFTA, etc. The DOT doesn't care if I make money, they consider the racing a business that must comply.
However, I don't think the IRS would like to see a loss year after year, they define it as a hobby loss. Doesn't seem to make sense to me!
On a side note, I love how an ordinary Joe can go buy a 53' RV and drive wherever. Heck, even throw a boat or enclosed trailer behind it - no problems!
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Regarding your side note: Not to mention, a lot of these average Joes bought their 53 footer with their retirement money, and not all of them, but SOME of them shouldn't even be driving a friggin CAR on the roads......
Fenders are like vacuums... they both suck.
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