iRacing DOLLARS do not expire. iRacing dollars can be added to an account by recharging your account, gifting iRacing dollars to another account or by applying a gift card to your account. These do not expire and remain on the account until used.
Unlike iRacing dollars, iRacing CREDITS are earned and applied to your account by iRacing directly, for example, Race Participation credits, Referral Bonus credits, etc. These DO expire.
On December 1, 2022, iRacing adopted a new policy regarding iRacing credits- unused iRacing credits expire two years after they are applied to the account. When iRacing credits are spent, they are automatically spent from the oldest to the newest earned. Any iRacing credits you currently have on your account as of Dec 1, 2022 will expire if not used by Dec 1, 2024.
You can view when your credits expire by going to your Account on members.iracing.com, scroll down to iRacing Credits & Dollars and click (What's this? When do my credits expire?).
When making purchases, if you would like iRacing to automatically apply your iRacing Credits first, before iRacing Dollars or other payment methods, you can enable this in the account preferences, in My Account. See more in this FAQ.
You can view more information about this policy change in this forum post.
iRacing Dollars, Gift Cards, and any other form of payment are NOT affected by this policy. iRacing Dollars and Gift Cards DO NOT expire. You can obtain iRacing Dollars for your account, or gift them to another account, here.