Received zero from my equity investment in a golf club as they took it away. Is it a Capital Loss?

Forum|Forum|1 year ago
April 1, 2025
1 reply
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If it is a personal asset does it still qualify as a capital loss?

TurboTax Online

Mike9241

Generally, the answer is no, a loss on the sale of a country club membership is not tax deductible. This is because the membership is considered a personal item, and losses on the sale of personal items are not tax deductible.

What do you mean by they took it away. That sounds like a legal issue,

melshulmanAuthor

The Board of Directors voted to take it away. Evidently it was in the By Laws that they could do it. So far no lawsuit

SusanY1

Did they take away your membership? Or did you invest in the potential for a club that was never opened? Please give us a little more background so that we may be able to assist.

What Mike9421 states is likely the case, but there may be some additional information that could change the way this is viewed.

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