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Old Feb 23rd, 2012, 01:25 PM   #1
FroggerMan
 
 
Join Date: Aug 2010
Posts: 150
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.
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Old Feb 23rd, 2012, 01:40 PM   #2
emg
 
 
Join Date: Feb 2010
Posts: 5,933
http://www.irs.gov/businesses/small/...161104,00.html

IRS Hotlines and Toll-Free Numbers
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Old Feb 23rd, 2012, 01:42 PM   #3
nazzdack
 
 
Join Date: Jul 2004
Posts: 8,848
Quote:
Quote from FroggerMan:
----Are you able to....
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.
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Old Feb 23rd, 2012, 01:43 PM   #4
emg
 
 
Join Date: Feb 2010
Posts: 5,933
now, the best person to ask any tax related question is

CPA
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