Guys i need some infor on a loss .

[oldgold]

I was towing my sons trailer 28ft enclosed with a racecar and full of parts when a fire started from the winch short circuiting .we both lost lots of race stuff and he got paid for some of his stuff but i got nothing .Can i write this stuff off when i do taxes?lost radios,wheels tires shocks,brezinski intake as well as 12 racecshocks ,springs firesuits shoes,tools as well as a complete race ready sportsman.

Rick in michigan.

[mudslinger47]

Better get hold of a tax man in your neck of the woods... tax law varies from state to state...

my son had a bunch of stuff stolen out of his pick up suit, helmet, bag, shoes and gloves and his home owners insurance covered it.... I know its a different deal, but worth a check...

[Krooser]

Time to get a professional involved. It may depend on whether you run your racing as a business or a hobby. The IRS has certain rules on this.

[GotDirt1313]

I used to claim my race spending on my taxes, you just have to file it as a loss, I was told by the tax preparer that they usually don't show much interest in it until you file it like 3 or 4 yrs in a row, then you may get audited. If you lost that much, I would definitely file it as a loss.