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FolioFn and taxes

Started by Peter, August 04, 2015, 11:00:00 PM

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donmiller

Guys,

I've been investing in LC for a few years now, but have not opened a Foliofn account because I do not know to what extent trading there would complicate the computation of my taxes.  Peter publishes tax guides for LC, but I've not seen one for the FolioFn platform.

Am I worried about nothing?  Just tell me that tax filing is straightforward from whatever documentation FolioFn sends at the end of the year!

Thanks,
Don


Lovinglifestyle

It has not been straightforward for me.  I found it necessary to manually add long columns of sales figures.  Other people don't necessarily have this problem because of the way they do things.

 My other objection is that I lose track of reality about actual performance of the entire portfolio in terms of non-performing notes. 

The end of year documentation seems to improve and/or change annually, but the un-summed categories issue was still there for '14.

Just my own experience, fwiw.  Other people will be more encouraging, so feel free to ignore this.  Good luck with whatever you decide!


yojoakak

I stopped selling anything on FolioFN because of the tax documentation headaches.

storm

I think LC made it as easy as can be for this last tax season.  The numbers were added up and ready to copy over to my tax forms.  Here is the last page of my long-term Folio transactions.  (I primarily sell IGP and late loans.)  If you think it is too complicated, you should lobby your Congressional representatives for tax reform.

rawraw

There is a form you can fill out, which allows you to just put the totals on your tax return and mail a copy of the transactions (from LC).  That's pretty simple, as I often have thousands of transactions amounting to very few dollars.


princeb

Does LC support exporting tax data into Turbotax?

NEW LOANS:   | 804.eth 2.500 Ξ | remoraid.eth 0.299 Ξ | remoraid.eth 0.299 Ξ | ALL