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Messages - BruiserB

#1
Investors - LC / Re: LendingClub Notes Repurchase
January 06, 2023, 12:17:13 PM
I was getting recoveries showing up for a couple of weeks after they "repurchased" my outstanding loans.  But then I think my activity log also showed them repurchasing the defaulted loans at zero value and I haven't received any recoveries since that time.  They did cash out all of my outstanding loans at par value including those that were in late status...so given that some of those would probably eventually default, it's probably somewhat close to a wash with the recoveries now also being wiped out.  Although there would seem to be an occasional sizable recovery....not all of them were pennies.

I have now transferred all of my cash from LendingClub to the Alto account and have started the process of moving the funds from Alto to my other Roth Custodian.  I don't have the time or interest to start evaluating another "alternative" investment platform.  LendingClub was fun while it lasted.  Not sure it was ever really worth it....had some great years, but then some awful years and given the tax treatment of gains vs losses (in my non IRA account), I think I'd have done better in regular market index funds over the time.  Thankfully it was at least not a "scam" and I didn't lose anything I couldn't afford to. 

I still have notes on the taxable side, and they will all reach maturity by September 2024.  Seems like I'm getting the best returns ever now as most have aged past the likely default dates and are at high rates.  But I'm getting the great returns on just a fraction of the amount I once had invested.
#2
Investors - LC / Tax forms from transfer to Alto?
March 24, 2022, 01:43:09 PM
Quote from: Fred93 on March 02, 2022, 12:12:49 PM
I've never had tax forms to deal with on an IRA transfer in the past.   Seems like this is one thing the IRS has made totally automatic.  :-)

I do the backdoor Roth IRA and there are some forms that show the withdrawal from the regular IRA and conversion to the Roth (form 5498, I think?).  I thought maybe there would be something similar here and that somehow that transfer would have to be documented.  But, yes, looks like there's nothing that has to be done!
#3
Found an IRS Interactive Tax Assistant....seems the answer is nothing to report!

Answers to Your Questions About Income
Do I need to report the transfer or rollover of an IRA or retirement plan on my tax return?
You do not need to include your tax-free transfer on your tax return.
Your General Information
What tax year are you asking about? 2021
Your Income
Was the distribution from an inherited retirement account? No
Distributing Account Information
What type of retirement account did the distribution come from?

Roth IRA
Was the transfer made or distribution received from the retirement account on or before December 31, 2021? Yes
A distribution may be made from all of an individual's eligible retirement plans for the birth or adoption of their child. These distributions are limited to a total of $5,000 for each birth or adoption.

Are you asking about the repayment of a distribution taken within one year of the date on which your child was born or the adoption of your child became final? No
Are you asking about the repayment of a qualified coronavirus-related distribution? No
Was the distribution moved in a direct transfer from one account to the other? Yes
Time Limit and Waiting Period Information
Was the amount rolled over the result of an improper Internal Revenue Service levy? No
Receiving Account Information
What type of retirement account was the distribution moved to? Roth IRA
Disaster Distributions
Repayments of a distribution may be allowed when your main home was in certain Presidentially declared disaster areas or if you received a distribution to purchase or construct a main home that was not purchased or constructed because of the disaster.

Are you asking about the repayment of a disaster distribution? No
#4
Investors - LC / Tax forms from transfer to Alto?
March 02, 2022, 09:43:32 AM
OK, I transferred everything from Strata to Alto last year.  Are there any tax forms that will come out from that?  I thought there would be something showing a "withdrawl" form Strata and then an accompanying form showing everything was rolled into Alto.  I just logged into my old Strata account and there are no documents available there.

Is anyone still around these forums?  Hopefully someone can advise.
#5
Investors - LC / AltoIRA transfer
June 24, 2021, 12:24:20 PM
My transfer seems to be complete today.  I received an e-mail from Alto informing me and logged in and see both my LendingClub account and the cash that was in Strata.
#6
Investors - LC / AltoIRA transfer
June 22, 2021, 07:22:23 AM
I logged into Strata this morning and see my withdrawls of both the LendingClub account and my cash took place on June 18th.  Even though it said no accounts linked to my username when I logged in, I could still click the "Activity" tab and see the transactions.  I'd expect you could see if Strata charged an annual maintenance fee there.

The cash isn't showing in Alto yet.  I did submit a question to them yesterday through their form (also found it strange they have no phone support at all) but did get a quick response saying that the transfer is under Strata's control, but that they would make sure all funds get credited to my account once they receive them.  Expect everything should show up okay in the next couple of days.
#7
Investors - LC / Re: AltoIRA transfer
June 16, 2021, 11:16:55 AM
The process with Alto was really straightforward.  They have all of your LendingClub and Strata info so the transfer form is pre-populated and you e-sign the form.  But now it just seems on hold.  Hard to tell if they're trying to just batch up a bunch of transfers and get them all processed at once, or if as you say Fred, Strata is dragging their feet.  Will just keep waiting a bit.  I would think Alto would handle the wakeup calls to Strata as they want to get the new clients.
#8
Investors - LC / AltoIRA transfer
June 16, 2021, 10:34:56 AM
So I decided to move my IRA to Alto.  It was stated in the conversion process that both the LendingClub IRA account and the cash held by Strata will be transferred to Alto.  I submitted everything about 3 weeks ago.

On Alto it shows my LC account but still shows the actual transfer as pending.  And everything still looks like it's sitting in Strata.  Waiting patiently.  Anyone else at any different status?
#9
Investors - LC / RIP Lendingclub Notes
October 14, 2020, 11:00:00 PM
I did e-mail Lending Club to ask about switching IRA custodians as they previously had told me that it was possible to do so.  The new custodian they have recently been using only had maintenance fees if the notes balance went below $5,500 rather than $10,000.  I figured transferring custodians would be one way to avoid the fees.  Below is the response I received.  Summary: no longer possible to change custodians but they will cover yearly fees as account winds down.  Strange part is that they left it to me to contact them once my balance goes below $10,000 to get added to the waiver list.

Thank you for reaching out!

LendingClub will be happy to cover your IRA account maintenance fee with STRATA Trust if your balance happens to fall below the 10k threshold. The fee is assessed on the month of your anniversary with LendingClub (August) so please reach out to us prior to then if your balance drops below 10k and we will add you to our list.

At this point we can no longer transfer you to our new IRA custodian as the funnel for new accounts was closed a week or so ago. With this being said it should not matter as the only difference between the two Custodians was the lower annual fee, however since we will be covering this for you this should not affect you in any way.
#10
Investors - LC / RIP Lendingclub Notes
October 11, 2020, 11:00:00 PM
Apparently I did get a message about Folio shutting down.  It came in an August 6th email with the subject line "July 2020 Monthly Statement and an Update on Folio."

In it there was this:

An Update on Folio

As a Folio account holder, you know that historically Folio Investments, Inc. (Folio) has offered a secondary market for Notes, where individuals could buy and sell Notes to and from other investors. LendingClub was recently notified that Folio is being acquired by a financial institution and, as a result, the secondary market for Notes will be discontinued.

Please know that the closure of the secondary market will not affect the Note investments in your LendingClub account, and your LendingClub account will continue to be serviced as usual.

Should you wish to buy or sell Notes on the secondary market, please keep these key dates in mind:
August 26, 2020: The last day you will be able to list a Note for sale. Any remaining Note listings on the trading platform at the end of the day will expire or terminate. Any trades executed on August 26, 2020 will settle in accordance with standard settlement procedures on August 27, 2020.

August 28, 2020: Investor account(s) with Folio for trading Notes will be closed, after which you will be able to log in to view statements and legal agreements only.
While most investors consider Notes to be part of their buy-and-hold long-term investment strategy, we understand that the secondary market has provided a valuable option to those who needed it. We're disappointed in the decision and understand that investors who actively trade Notes will be disappointed too. Because the secondary market has always been offered by a third party, we unfortunately do not control its availability.

As always, please contact us with any questions at the email address below.
#11
Investors - LC / RIP Lendingclub Notes
October 07, 2020, 11:00:00 PM
#12
Investors - LC / RIP Lendingclub Notes
October 06, 2020, 11:00:00 PM
Wonder if they just mean the retail notes platform?  Still serving commercial customers and their own bank with notes?
#13
Investors - LC / Winding down on Lending Club
February 25, 2020, 11:00:00 PM
I've decided to most likely completely wind down my Lending Club accounts.  I've been doing so on my taxable account for a couple of years now.  But today I think I've decided to finally wind down my ROTH IRA as well.  I had been using NSR's managed investing to keep that account going, but now it seems to be having trouble keeping my money invested.  Lately it's been investing $50-100 per note and still cash has been piling up.  Now I see the news of LC acquiring Radius Bank and it seems that the whole retail aspect of LC is fading away.

My IRA is with STRATA.  I see that LC now has a new preferred custodian in IRA Services Trust Company.  That custodian seems to have lower fees.  Does anyone know if LC can simply facilitate a change in custodians?  I've written them to ask.  Not sure if it would be worth doing....I'll need to compare transfer out fees, etc. more closely.  But STRATA will have a $100/year fee once I drop below $10,000 in notes and it appears ISTC's fee is only $40 per year and only assessed if the balance drops below $5500. 

I'm going to be evaluating a few different ways to wind down, since there are fees for withdrawls.  Would be interested in any feedback on pros/cons of the following?

A) Just let account wind down on it's own.  Let cash build up and do periodic (yearly?) transfers of cash to my other ROTH account?

B) Try to sell notes on secondary market to get a lot of cash out now.  I'm thinking to sell whatever I can above or at par value.  I have zero experience selling notes on the secondary market and would appreciate any pointers on best way to do.  Manual?  Automated?  Who has a good automated selling tool recommendation?  Then transfer a bunch of cash out now and let the rest wind down slowly.

C) Keep aggressively lowering prices below par and try to completely liquidate and just get out ASAP.  Would take losses, but avoid aggravation of waiting around and fees for multiple cash transfers and yearly custodial fees.

Or anyone have any other strategy recommendations?

Thanks for any and all advice.  It was a good run with LC, but just doesn't seem to be worth it any more.
#14
Investors - LC / Review of my lending club account
December 31, 1969, 06:00:00 PM
Also still here. Not posting as regular as before. And have been liquidating my taxable account down to a level where I can deduct all of my losses instead of building up future carryovers. But still reinvesting in my Roth IRA account though I have stopped adding more each year.
#15
Investors - LC / IRA Notes sold- what next?
December 31, 1969, 06:00:00 PM
https://forum.lendacademy.com/index.php?topic=4872.msg43675#msg88888888Quote"> from: lender90530 on July 25, 2018, 02:34:08 PM