Your golf membership is just a personal asset/expense (most are, unless you are a golf pro, etc.). Here is the tax code. I'm sorry I could not give you a better answer here. Thank you for your question.
§ 262. Personal, living, and family expenses
How Current is This?
(a) General rule Except as otherwise expressly provided in this chapter, no deduction shall be allowed for personal, living, or family expenses.
To the extent you have an investment in the club (like a share of stock that you plan to sell again), you could deduct a capital loss, yes. Again, here is the code:
(c) Limitation on losses of individuals In the case of an individual, the deduction under subsection (a) shall be limited to-
(1) losses incurred in a trade or business;
(2) losses incurred in any transaction entered into for profit, though not connected with a trade or business; and
(3) except as provided in subsection (h), losses of property not connected with a trade or business or a transaction entered into for profit, if such losses arise from fire, storm, shipwreck, or other casualty, or from theft.
Edited by BK-CPA on 9/11/2010 at 3:25 AM EST