Solved: Can I use turbotax deluxe for a race car owner
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New Member

Can I use turbotax deluxe for a race car owner

 
1 Best answer

Accepted Solutions
New Member

Can I use turbotax deluxe for a race car owner

There are a lot of things to consider here.

The biggest question probably would be is this a hobby or business? 

Are you the driver or just the owner?

TurboTax Deluxe is ok for most deductions and credits.  You will most likely need Premier or Self Employed if your are claiming depreciation, parts, loss from crashes, income and expenses, etc. 

You can start here for free and TurboTax will let you know as you go along if you are delving into an area needing an upgraded product: https://turbotax.intuit.com/personal-taxes/online/

There are a lot of other helpful sites related to racing and taxes as well such as: http://smallbusiness.chron.com/auto-racing-tax-deductions-67555.html

Hope this helps!

View solution in original post

1 Reply
New Member

Can I use turbotax deluxe for a race car owner

There are a lot of things to consider here.

The biggest question probably would be is this a hobby or business? 

Are you the driver or just the owner?

TurboTax Deluxe is ok for most deductions and credits.  You will most likely need Premier or Self Employed if your are claiming depreciation, parts, loss from crashes, income and expenses, etc. 

You can start here for free and TurboTax will let you know as you go along if you are delving into an area needing an upgraded product: https://turbotax.intuit.com/personal-taxes/online/

There are a lot of other helpful sites related to racing and taxes as well such as: http://smallbusiness.chron.com/auto-racing-tax-deductions-67555.html

Hope this helps!

View solution in original post

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