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FroggerMan

Registered: Aug 2010
Posts: 140

02-23-12 06:25 PM

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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emg

Registered: Feb 2010
Posts: 5322

02-23-12 06:40 PM

http://www.irs.gov/businesses/small...=161104,00.html

IRS Hotlines and Toll-Free Numbers

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nazzdack

Registered: Jul 2004
Posts: 8413

02-23-12 06:42 PM

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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emg

Registered: Feb 2010
Posts: 5322

02-23-12 06:43 PM

now, the best person to ask any tax related question is

CPA

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