One race sponsorship
10-29-2004, 03:47 PM
#1
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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 $$$ to race, but I have to split my winnings (if any) with him.
That's better than nothing, I guess!
He's not doing much beyond paying for the entry fee, and he paid for some decals to put on the car. Saves me a few $$$ to race, but I have to split my winnings (if any) with him.
That's better than nothing, I guess!
10-29-2004, 04:22 PM
#4
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Originally Posted by Mopower71
Hey, did you know Scud racing is an Australian Formula 3 race team?
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.
10-29-2004, 04:54 PM
#6
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Originally Posted by onehellofadart
Good deal. Good luck to ya. Are you racing Saturday and Sunday?
10-29-2004, 05:44 PM
#8
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Originally Posted by onehellofadart
Let me know about Sunday. I might go down then. Just to spectate.
possibly pass out fliers.
possibly pass out fliers.
10-29-2004, 09:00 PM
#10
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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.
10-31-2004, 08:20 AM
#11
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Join Date: Aug 2004
Location: Long Island, NY
Posts: 278
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
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
10-31-2004, 10:19 AM
#12
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Originally Posted by 82GT
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.
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.
10-31-2004, 03:55 PM
#14
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Join Date: Jul 2004
Location: Ringtown, Pa.
Posts: 185
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.
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.
11-01-2004, 09:25 AM
#15
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Join Date: Aug 2004
Location: Long Island, NY
Posts: 278
Originally Posted by DARTSPORT
you are suppose to claim it or report it as earnings. Depends how much you win?
Depends how much you win? 
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