Steve:

As an independent contractor you are allowed to write-off all “ordinary and necessary” business expenses. Unfortunately, the IRS will not consider the exercise equipment to be ordinary and necessary.
It sounds like you’re looking for ways to reduce your taxes. Have you considered auto mileage? The IRS allows you to expense 48.5 cents for each business mile driven (not including commuting miles). Additionally, you can generally deduct expenses attributable to a home office (provided you have no other office outside your home). You can also deduct Health insurance premiums (on line 29 of your 1040) and a percentage of your cell phone bill (the percentage attributable to business calls).
If you have extra cash, you can also make a deductible IRA contribution or SEP contribution. Talk to your investment adviser regarding these items or contact an investment company such as Vanguard.

Rick B:

Of course not. How does exercise equipment relate to your job as a realtor?