Every Year in Australia, an endurance race is held. It stretches from Sydney to Melbourne totaling 543.7 miles. For a world class athlete it takes five days to run. These athletes are young, professionally trained, and receive huge sponsorships.

Cliff Young was a very unlikely competitor in the race. At the age of 61, he showed up wearing overalls and work boots. Some of the officials thought that he was a lost spectator, but when he picked up his number, everyone was shocked. They said that he would never finish the race.

Watch the video here...

Recently a 1936 Bugatti sold for over $30 million. Granted, that's the world's most expensive car, and one of only three ever built, but it raises an important financial question for car collectors.

While acquiring beautifully restored antique cars may be someone's high-octane passion, the IRS could see that "hobby" as a business, thereby changing a person's tax status.

With the use of the Internet, foreign auctions are becoming more and more common. When considering the current national debt, the IRS has its eye on foreign or off shore income. The IRS has stated that if you are a citizen or resident alien you need to report all of your income whether it was acquired within or outside the United States. Even if you do not receive any tax statements in the mail, that does not mean you are off the hook.

So remember, if you earned income in any foreign transaction whether you are a US citizen or a resident alien, it needs to be reported.