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Also, while many folks (myself included) think of getting a separate business they own to sponsor or advertise their bike, if audited, the IRS will look for (a) similarity of field - how likely is it that likely customers/clients would see the ad at the track (b) evidence that business was actually gained through this method of advertising.
You can claim your expenses as a serious hobby (I forget the form number), but your losses are limited to your earnings.
I think if I plastered my enclosed trailer (when I get it) with advertising, I could prove that this is being seen by potential customers. I suppose we would have to keep track of where our customers heard about us - especially those who saw the race trailer or bike.....
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