I sold my country club membership and received a 1099B. I paid $20,000 in 1991 and sold it for $17,500 in 2021. box 1b is not filled our nor is box 2 how do I proceed?

[larrykoch1948]

is the sale of a private membership considered stock?

[Mike9241]

this is like the sale of an auto used 100% personally. the tax laws say any loss on the sale of personal-use property is not deductible while any gain on sale is taxable.  the same would apply to your golf club membership, the loss is from personal-use property and is not deductible..  perhaps that's why other than reporting proceeds the cost and gain/loss were left blank

[JillS56]

Yes.  The sale of a country club membership is treated as a sale of stock or an asset.    You should receive a form 1099B on the sale of the membership and it should be reported on Schedule D,   Your costs would be what you paid for the membership and the sale price or proceeds would be the amount the membership sold for.  

For Box 1b (Date of Acquisition) use the date that you first become a member of the country club and Box2 would be determined based on how long you have held your membership.  It is short-term if you held your membership for less than one year and long-term if your membership was held for more the one year.

[Golf Club Guy]

Who would be responsible for issuing the 1099 if the sale was private, not involving the Club?

[tagteam]

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@Golf Club Guy wrote:

Who would be responsible for issuing the 1099 if the sale was private, not involving the Club?

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Typically, it would be the Club since the membership has to be officially transferred by the Club (and approved in most cases).

How did you manage to transfer your membership without the Club's knowledge?

[Golf Club Guy]

The club permits members to transfer memberships to the buyer of their home. How any compensation for that transfer is structured is unknown to the club.   The seller might just bundle it in the home price.     The Club only             issues the new membership certificate after interviewing the member. Is it the private seller's responsibility to issue the 1099, or should the club request of the seller information regarding compensation for transfer, and then issue it?

[tagteam]

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@Golf Club Guy wrote:

....should the club request of the seller information regarding compensation for transfer, and then issue it?

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I'm not an expert on this issue, but it would certainly appear as if the Club should be the issuer.