[Alan Schup]

Can anyone confirm if the cost of a kit car (or parts upgrade) exceed 2% of one's adjusted gross income, that one can deduct the cost of your Cobra car (or parts) of one's "hobby" on the 1040 Schedule A form?

(The IRS defines a hobby as an activity that you pursue without expecting to make a taxable profit, i.e. not making a profit in at least three tax years of the past five tax years, including the current tax year. Afterwards, a profitable sale of your hobby is taxable as a capital gain on your tax return, but a loss upon the sale is not tax deductible on your tax return.)