I bought a country club membership many years ago for $34,417 and walked away from 2018 as the capital improvement requests became onerous. Is it deductible as a loss?

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I bought a country club membership many years ago for $34,417 and walked away from 2018 as the capital improvement requests became onerous. Is it deductible as a loss?

You can never deduct losses on personal property. I don't think this counts as an "investment" (stocks, bonds, etc.)

I bought a country club membership many years ago for $34,417 and walked away from 2018 as the capital improvement requests became onerous. Is it deductible as a loss?

Would it not be considered an asset?

I bought a country club membership many years ago for $34,417 and walked away from 2018 as the capital improvement requests became onerous. Is it deductible as a loss?

Not an asset because IRS Publication 463 specifically prohibits deduction of club dues and membership fees for any club that is organized for pleasure, recreation OR other social purposes.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

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I bought a country club membership many years ago for $34,417 and walked away from 2018 as the capital improvement requests became onerous. Is it deductible as a loss?

I bought a country club membership many years ago for $34,417 and walked away from 2018 as the capital improvement requests became onerous. Is it deductible as a loss?

I bought a country club membership many years ago for $34,417 and walked away from 2018 as the capital improvement requests became onerous. Is it deductible as a loss?

I bought a country club membership many years ago for $34,417 and walked away from 2018 as the capital improvement requests became onerous. Is it deductible as a loss?

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I bought a country club membership many years ago for $34,417 and walked away from 2018 as the capital improvement requests became onerous. Is it deductible as a loss?

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I bought a country club membership many years ago for $34,417 and walked away from 2018 as the capital improvement requests became onerous. Is it deductible as a loss?

I bought a country club membership many years ago for $34,417 and walked away from 2018 as the capital improvement requests became onerous. Is it deductible as a loss?

I bought a country club membership many years ago for $34,417 and walked away from 2018 as the capital improvement requests became onerous. Is it deductible as a loss?

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