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Write Off Your Racing

John Draneas

Auto racing is expensive at any level. Often, a racer looks to reduce the cost by treating it as a business activity to deduct the expenses. Racers who do this have encountered mixed results when the IRS challenges their returns. If you are going to give this a try, it’s a good idea to understand…

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John Draneas
John practices law in the Portland, OR, suburb of Lake Oswego, where he focuses on tax and estate planning, business organizations and transactions, and representation of collector-car owners. He is a past president of the Oregon region of the Porsche Club of America and served as the chairman of the PCA’s 2006 parade. His collection includes two Porsches, a Ferrari, an Alfa, a Lotus, a BMW daily driver, a John Deere tractor — and one increasingly famous Jaguar E-type. This month’s “You Write, We Read” on p. 20 is full of SCMer advice on whether Draneas should restore his Jag.
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