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?

[Opus 17]

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

[gilar]

Would it not be considered an asset?

[TomD8]

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.