hobby car as tax deduction

[Type X(J)]

hey guys, tax season is here(yeah i know it sucks) but my fiance and I were doing my taxes and we read somewhere that non-profit hobby expenses can be deducted if itemized. Does anyone know anything about this? Has anyone tried doing this. Let me know.

[Type X(J)]

nevermind...we cleared it out. Turns out that you can't clim it as a deduction unless you profit from it. It was worded in a funny way though - like all other stuff related to tax...oh well.

[Dattebayo]

So that means that showcar hobbyists can deduct, hmmmm. Time to get into some car shows...

[DAEDALUS]

LOL Welcome to the shady underworld of the IRS. Same is true for gamb|ing losses...you can deduct a million dollars of gamb|ing losses...as long as you claim a million dollars in gamb|ing income. Also, I love how if you make $30k in the stock market, you have to pay taxes on all of it that year. BUT if you lose $30k in the stock market, you have to spread it out over 10 years.

[RocketJNissan]

Uh i lost 20 bucks betting on a street race...and another 20 on the superbowl...and a five spot over a movie and who was in it. Can I deduct those? Mabye I can list the 240 as a dependant.....