P2P Forum

Lending Club Discussion => Foliofn - LC => Topic started by: mikedev10 on January 12, 2019, 12:00:00 AM

Title: taxes...?
Post by: mikedev10 on January 12, 2019, 12:00:00 AM
primary note = ordinary income
secondary note = ordinary income
charge off = capital gains loss
sale of note, or recovery after charge off = capital gains gain/loss

is this correct?

i'm still confused how to even calculate this...  say i lent $25 at 5% and a borrower started repaying in jan 2018.  at this point i've collected about 8.99, of which 7.92 was principal and 1.07 was interest.  i assume my tax form is going to have a box (summing up all my notes) and stating i owe taxes on 1.07?

reporting on this stuff alone seems an argument to only fund an account with roth ira funds...
Title: taxes...?
Post by: Fred93 on December 31, 1969, 07:00:00 PM
Yes, you got it pretty much right.  Interest is ordinary income.  Sale and default are capital gain/loss.

LC sends you a form 1099.
You copy the numbers to your tax forms.
You don't need to itemize every loan.
Title: taxes...?
Post by: lascott on December 31, 1969, 07:00:00 PM
LC has tax guides for several years. At the bottom of this post it also mentioned they have an option that works with with Turbo Tax.

I didn't see at 2018 tax guide but here is the 2017: https://help.lendingclub.com/hc/en-us/articles/216706817-2017-Downloadable-Tax-Guide
Title: taxes...?
Post by: martinp2p on December 31, 1969, 07:00:00 PM
If you use TurboTax to work out your tax returns, you can have LendingClub tax forms automatically imported into TurboTax and it's done. No manual number entry required.

https://help.lendingclub.com/hc/en-us/articles/220044828-Importing-LendingClub-tax-forms-to-TurboTax-a-step-by-step-guide
Title: taxes...?
Post by: TravelingPennies on December 31, 1969, 07:00:00 PM
from: martinp2p on January 22, 2019, 11:21:37 AM
Title: taxes...?
Post by: TravelingPennies on December 31, 1969, 07:00:00 PM
from: Fred93 on January 12, 2019, 06:54:41 PM
Title: taxes...?
Post by: TravelingPennies on December 31, 1969, 07:00:00 PM
from: mikedev10 on February 01, 2019, 08:02:52 PM
Title: taxes...?
Post by: TravelingPennies on December 31, 1969, 07:00:00 PM
from: mikedev10 on February 01, 2019, 08:02:52 PM
Title: taxes...?
Post by: TravelingPennies on December 31, 1969, 07:00:00 PM
from: lascott on February 01, 2019, 11:42:12 PM
Title: taxes...?
Post by: TravelingPennies on December 31, 1969, 07:00:00 PM
from: mikedev10 on February 03, 2019, 06:52:24 PM
Title: taxes...?
Post by: TravelingPennies on December 31, 1969, 07:00:00 PM
from: Fred93 on February 03, 2019, 07:24:16 PM