Can one deduct cost of a kit car as a hobby?

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#7 (permalink)

03-19-2007, 03:48 PM

392cobra

6th Generation Texan

Join Date: Feb 2002

Location: Devil's Backbone,RR 32, TX

Cobra Make, Engine: Lone Star Classics #240,Candy Apple Red,Keith Craft 418w - 602 HP,584 TQ

Posts: 8,157

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Quote:

Originally Posted by Alan Schup

Thanks... that all makes sense. Why can't the IRS write the code and explaination just as plain and simple?

It's actually pretty simple why.

The more the confusion,the more the mistakes.The more the mistakes.the more they get in penalties & interest.

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