One race sponsorship

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Oct 29, 2004 | 03:47 PM

mikelbeck

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One race sponsorship

My brother has graciously decided to sponsor my car for the upcoming Atco Garbadella footbrake race (Nov 6 & 7).

He's not doing much beyond paying for the entry fee, and he paid for some decals to put on the car. Saves me a few $$$ to race, but I have to split my winnings (if any) with him.

That's better than nothing, I guess!

Oct 29, 2004 | 04:11 PM

Mopower71

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Joined: Aug 2004

Posts: 501

From: Hopewell Jct., NY

Very cool.
At least you get to run the car again this year

Oct 29, 2004 | 04:14 PM

Mopower71

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Joined: Aug 2004

Posts: 501

From: Hopewell Jct., NY

Hey, did you know Scud racing is an Australian Formula 3 race team?

Oct 29, 2004 | 04:22 PM

mikelbeck

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Quote:

Originally Posted by Mopower71

Hey, did you know Scud racing is an Australian Formula 3 race team?

Nope.

When my brother was a kid, I called him "Scrub". I don't remember why. One day a couple of years ago he was over my house, I called him "Scrub" again. My neighbor thought I said "Scud". I think it was around the time of the Gulf War, so that word was kinda common. We've been calling him "Scud" ever since.

Oct 29, 2004 | 04:38 PM

onehellofadart

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Joined: Jul 2004

Posts: 886

From: Moonachie, NJ

Good deal. Good luck to ya. Are you racing Saturday and Sunday?

Oct 29, 2004 | 04:54 PM

mikelbeck

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Quote:

Originally Posted by onehellofadart

Good deal. Good luck to ya. Are you racing Saturday and Sunday?

We're getting there Friday, gonna race Friday night to get in some practice. Then we're racing Saturday. One of the guys we're going with is in the points in Top Street at E-Town, he wants to go there Sunday (final points day). We'll see what happens.

Oct 29, 2004 | 05:18 PM

onehellofadart

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Joined: Jul 2004

Posts: 886

From: Moonachie, NJ

Let me know about Sunday. I might go down then. Just to spectate.
possibly pass out fliers.

Oct 29, 2004 | 05:44 PM

mikelbeck

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Quote:

Originally Posted by onehellofadart

Let me know about Sunday. I might go down then. Just to spectate.
possibly pass out fliers.

Well, I won't really know until Saturday afternoon... It mostly depends on how we do Saturday. If we all tank and go out first round, I'm pretty sure we'll go to E-Town Sunday.

Oct 29, 2004 | 07:42 PM

sickt7cuda

Senior Member

Joined: Jul 2004

Posts: 278

From: Vernon, New Jersey

Mike, sounds like a good deal unless you win the 10 G's. Splitting that would hurt. You couldn't get him to settle for a Happy Meal ?

Oct 29, 2004 | 09:00 PM

#10

mikelbeck

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Quote:

Originally Posted by sickt7cuda

Mike, sounds like a good deal unless you win the 10 G's. Splitting that would hurt. You couldn't get him to settle for a Happy Meal ?

Actually, I'd get even less... I go with 2 other guys, we agreed to a 50-25-25 spli for each of us. So if I wont the 10K, I'd get $2500. Which still isn't all that bad.

Oct 31, 2004 | 08:20 AM

#11

82GT

Senior Member

Joined: Aug 2004

Posts: 278

From: Long Island, NY

Just curious,

Assuming the car count is met, when you win a big payout like that do you get the advertised payout, or is it like the lottery where they take taxes off the top? I’m guessing the promoter would report the payout to the IRS so he could deduct it.

First I actually have to get the car together so I can race, then actually win before I worry about anything like this, just wondering

Oct 31, 2004 | 10:19 AM

#12

mikelbeck

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Quote:

Originally Posted by 82GT

I really have no clue. I'll let ya know after I win next Saturday.

Oct 31, 2004 | 11:56 AM

#13

82GT

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Joined: Aug 2004

Posts: 278

From: Long Island, NY

Quote:

Originally Posted by mikelbeck

I really have no clue. I'll let ya know after I win next Saturday.

=D> =D> =D>

Oct 31, 2004 | 03:55 PM

#14

DARTSPORT

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Joined: Jul 2004

Posts: 185

From: Ringtown, Pa.

Usually with any winnings, it is payed to you full amount. You will be responsible to pay the taxes. The race track will report it to the IRS. That is why they ask for your social security number, when you fill out your tech card at the track. I asked my accountant about this earlier this year. He said that the track where you receive any winnings, will at the end of the year, send you some kind of form , and you are suppose to claim it or report it as earnings.

Depends how much you win?

You might not have to claim it, if you didn't win much? I will find out for sure later this year.

Nov 1, 2004 | 09:25 AM

#15

82GT

Senior Member

Joined: Aug 2004

Posts: 278

From: Long Island, NY

Quote:

Originally Posted by DARTSPORT

you are suppose to claim it or report it as earnings.

Depends how much you win?

I assume (will verify with my accountant once in that position) like the lottery you can offset your winnings with your expenses. As always keep those receipts!!