Penny, a full-time biochemist, loves stock car racing. To feed

Question
Penny, a full-time biochemist, loves stock car racing. To feed her passion, she bought a used dirt-track car and has started entering some local dirt-track races. The prize money is pretty small ($1,000 for the winner), but she really is not in it for the money. Penny reported the following income and expenses from her nights at the track: Prize money………………………………………………………..$2,500 Expenses: Transportation from her home to the races…………1,000 Depreciation on the dirt-track car………………………..4,000 Entry fees…………………………………………………………….3,500 Oil, gas, supplies, repairs for the dirt-track car……..2,050 What are the tax effects of Penny’s racing income and expenses assuming that the racing activity is a hobby for Penny?

Question

Penny, a full-time biochemist, loves stock car racing. To feed her passion, she bought a used dirt-track car and has started entering some local dirt-track races. The prize money is pretty small ($1,000 for the winner), but she really is not in it for the money. Penny reported the following income and expenses from her nights at the track: Prize money………………………………………………………..$2,500 Expenses: Transportation from her home to the races…………1,000 Depreciation on the dirt-track car………………………..4,000 Entry fees…………………………………………………………….3,500 Oil, gas, supplies, repairs for the dirt-track car……..2,050 What are the tax effects of Penny’s racing income and expenses assuming that the racing activity is a hobby for Penny?

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