Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions through April 15.
Q: My husband and I bought a membership in a travel club that has gone out of business and we are stuck for over $2,000. Is there some way to claim that on our income tax as a loss? Or are we stuck?
A: Generally, membership in a travel club is a personal expense. Personal expenses and losses are not deductible for tax purposes.
Richard Kierson, CPA, Neuman & Associates The above advice is for general purposes only and is not intended as legal, accounting or tax advice. Specific situations may vary.
To ask a tax question, call Sundial, The Sun's telephone information service, at (410) 783-1800. Call 268-7736 in Anne Arundel County, 836-5028 in Harford County, 848-0338 in Carroll County. Using a Touch-Tone phone, punch in the four-digit code 6225 after the greeting. You can also submit questions by e-mail through The Sun's Web site: www.sunspot.net/tax.
Selected questions will be answered in the Business section.
Pub Date: 3/25/98