The country club membership is a separate asset and cannot be included in the home's cost basis. If you eventually sell the membership at a gain, you will have to report the gain. In that circumstance, you would usually be issued a 1099-B by the club. Conversely, if you eventually sell the membership at a loss, the loss is not deductible. That's because the cost of the membership is a personal expense, not an investment.
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
