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Author Topic: Prosper 1099 - "Collectibles"

n
  • Posts: 40
Prosper 1099 - "Collectibles"
OP: March 06, 2020, 12:00:00 AM
Reviewed my 1099 from Prosper and was curious to see recovery and debt sale transactions listed as "Collectibles", box 3.  The amounts are small, but categorizing them as box 3 makes them subject to ordinary income tax.  Anyone else have the same issue?

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T
  • Posts: 6588
Prosper 1099 - "Collectibles"
#2: March 09, 2020, 11:00:00 PM
I received this "helpful" email from Prosper:

Thank you very much for reaching out, we appreciate you and your time.
We use Sovos a 3rd party tax vendor.  I just wanted to provide a little information on box 3 of your 1099 B.
"Collectibles" are considered alternative investments by the IRS and include things like art, stamps & coins, cards & comics, rare items, antiques, and so on. I hope this helps out!
Please feel free to ask any more questions if you have any.
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T
  • Posts: 6588
Prosper 1099 - "Collectibles"
#3: March 09, 2020, 11:00:00 PM
Here's a piece of my 1099 showing "Collectibles".  My best guess is there is a newby in the Tax service who thinks "Collections" = "Collectibles" LOL.

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