P2P Lending / NFT Lending Forum

I received no such message but also already files my taxes. I have little faith in LC's ability to provide correct tax documentation and have no problem with reporting the correct numbers. This is nowhere near as hard as it sounds it's very simple-

(So.... When you buy/invest in a note, what are you buying or selling and to whom?)

https://forum.lendacademy.com/index.php?topic=697.msg3383#msg88888888Quote"> from: rawraw on February 05, 2013, 11:06:01 PM

Folio docs are in my account... Taking a look to see how these measure up to what I was expecting to see in both the LC and Folio accounts.

edit: Interestingly no 1099-B in the LC account for the charge-off's as indicated here: http://www.lendingclub.com/kb/index.php?View=entry&EntryID=240" class="bbc_link" target="_blank">http://www.lendingclub.com/kb/index.php?View=entry&EntryID=240

https://forum.lendacademy.com/index.php?topic=529.msg3183#msg88888888Quote"> from: Simon on January 28, 2013, 07:44:32 PM

I must say that I have also found value in NoGoodDeeds posts and enjoy reading them if they conflict or not with my opinion- Either way it's stimulating and encouraged deeper thought and evaluation which I believe we can all be reminded of the importance of questions one's own opinion.

Quote

https://forum.lendacademy.com/index.php?topic=616.msg2670#msg88888888Quote"> from: SeanMcD on January 11, 2013, 06:04:40 PM

Captha is easily scripted.... There are various ways of doing it... here is one:

http://www.anarchyforums.net/Thread-Tutorial-How-to-Bypass-and-Hack-Captcha-ReCaptcha-Words-Verification" class="bbc_link" target="_blank">http://www.anarchyforums.net/Thread-Tutorial-How-to-Bypass-and-Hack-Captcha-ReCaptcha-Words-Verification

Word games are always better or even basic math problems.... Most spam is done with a script that goes and registers and posts to forums for the spammer for high quantity.

https://forum.lendacademy.com/index.php?topic=619.msg2620#msg88888888Quote"> from: New Jersey Guy on January 10, 2013, 08:14:36 AM

I'm an accounting undergrad moving forward on a path to obtain my CPA. I have a very strong programming background as well which make's my field just so much more fun https://forum.lendacademy.com/Smileys/default/smiley.gif" alt=":)" title="Smiley" class="smiley" />

https://forum.lendacademy.com/index.php?topic=540.msg1726#msg88888888Quote"> from: rajuabju on December 12, 2012, 07:45:24 PM

https://forum.lendacademy.com/index.php?topic=503.msg1418#msg88888888Quote"> from: william on November 25, 2012, 07:47:18 PM

I posted all my notes for sale with a markup irrelevant of my intent to keep them or not. All notes I buy I wouldn't purchase unless I intended to keep them so if they are not bought I do not run into a problem. I started posting clean just issued notes for sale @ a rate of 25.50 to 26.00 and depending on the interest rate of the note. I just went to look at how my "issued" notes are performing on the secondary market and see that I have 8 listed right and of the 8 listed two sold for 25.65 and another at 25.50. Another thing I would want is an extra month or so of interest out of my note sale after the service fee. I have no problem getting my funds re-investing into an interest earning state within 10-14 days and the FAR end. But I'm also a small player.

My biggest concern with continually posting my notes for sale, including my seasoned notes, is that I'm reducing my diversification by insisting that my average note balance remains higher than it would if I were to let more of my notes run their course. This is because I find the more seasoned notes sell faster on the secondary market. This is what I was trying to get at in my post and do not think I worded it clearly enough. Instead of having notes that ride the range of $25.00 to a buck or less I'm constantly pushing my average outstanding principle balance back towards that 25.00 mark. This means I hold less notes for the amount of funds that I have invested, and increases the damage that defaults can do to my portfolio. I suppose this risk is mitigated through larger investments (meaning more notes) but at this time I only have roughly 2 grand. This is what I mean by the question, am I doing more harm than good by doing this?

-Keltset

Thank you for dispensing your knowledge and experience to follows for free (atleast, directly to the immediate consumer outside of the expected ad/ref bonuses etc...) You are giving more to the community as a whole than others are out there. I have downloaded your e-book from Amazon and look forward to reading it.

Is there any reason we can't use a net figure as an individual? I'm invested only in $25.00 notes so I get no 1099's from LC. I should be able to take the net deposits and essentially mark to market at the end of the year to determine a profit or loss and be able to report the aggregate result to the IRS as benefits or losses from the investment. Since we are no longer buying individual notes and only actually getting an obligation from LC, doesn't it make it all one investment? (Ok--- I suppose this isn't how others are looking at it but it seems ridiculous to try and track hundreds of 25$ notes and the profit / loss on each individual note.)

Wouldn't the gain from LC be the aggregate sum not bunch of smaller profits and losses?

The taxation portion of LC seems very confusing and I have read up in several different places but just don't have a clear understanding of why it needs to be handled as individual units instead of a sum and difference in the taxable year?