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How is gain or loss treated on sale of equity membership in…

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How is gain or...

How is gain or loss treated on sale of equity membership in golf club

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3-1-1995 purchased membership for $18,000 assed $10050 total cost $28,050 8/16/2017 sold for $23,000 less transfer fee $8,000 net loss $13,050 is this a loss for federal tax purposes?

Accountant's Assistant: That depends on how many expert areas you want to subscribe to and how many questions a month you want to ask.

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Submitted: 3 months ago.Category: Tax
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Answered in 4 minutes by:
3/27/2018
Tax Professional: Lev, Tax Advisor replied 3 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,142
Experience: Taxes, Immigration, Labor Relations
Verified

I believe that is personal use asset - not your business or investment property.

If so - we may not deduct the loss and may not use it to offset other capital gain.

See here

https://www.law.cornell.edu/uscode/text/26/262

(a) General rule

Except as otherwise expressly provided in this chapter, no deduction shall be allowed for personal, living, or family expenses.

.

So far - no deduction will be allowed for any personal assets.

Sorry if you expected differently?

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Tax Professional: Lev, Tax Advisor replied 3 months ago

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If you still have any doubts, need clarification - please be sure to ask.

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