Exchange Membership Purchase Tax Treatment

F

FroggerMan

Are you able to deduct the cost of purchasing a seat on an exchange (CME, CBOT, NYMEX, etc)? I have not been able to find anything about this online or on ET.

Also, just out of curiosity if you lease a seat where are you writing off the expense. I have mine on schedule C, Part II, line 17 Legal and professional services.
 
Quote from FroggerMan:
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No. When you sell the seat, you will incur long-term or short-term capital gains tax on the transaction as if it were a common stock. :cool:
 
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