Skip to main content

Author Topic: prosper 1099-B tax questions

m
  • Posts: 32
prosper 1099-B tax questions
OP: February 02, 2017, 12:00:00 AM
So I got my first Prosper 1099-B (last year, I hadn't been investing long enough to have any charge-offs). Unlike Lending Club, where each loan is listed once, it appears that Prosper lists a loan twice in some cases: once for the charge-off, and once for the recovery. Is the right way to report this to enter two lines on form 8949 in these cases? Or should it be combined to show the charge-off cost basis and the recovery proceeds on the same line? I see that they list different dates sold for each of the two transactions, so potentially this could get messy if it straddled a short-term/long-term boundary.
  • IP logged

b
  • Posts: 69
prosper 1099-B tax questions
#1: February 03, 2017, 12:00:00 AM
They are listed once for their portion of box 1d and once for their portion of box 1e.

I just reported all mine together with 'various' for the date.

Short term and long term should be reported separately by Prosper and indicated in box 2.
  • IP logged

T
  • Posts: 6588
prosper 1099-B tax questions
#2: February 03, 2017, 12:00:00 AM
Quote
  • IP logged

T
  • Posts: 6588
prosper 1099-B tax questions
#3: February 03, 2017, 12:00:00 AM
I only had long term, so I only had one Prosper entry in my return which used the exact numbers on my single 1099B from Prosper. I'm pretty sure the breakdown after the 1099B that Prosper gives you is for your information and that doesn't go to the IRS. In the end, the IRS is really only concerned with matching the taxable numbers on your return with what your brokers send and if the numbers match and are on the right form, I don't think the IRS cares about dates or other note details.
  • IP logged

l
  • *
  • Newbie
  • Posts: 2
prosper 1099-B tax questions
#4: July 08, 2021, 11:24:31 AM
Does the 1099 form still exist?
  • IP logged

r
  • *
  • Newbie
  • Posts: 1
prosper 1099-B tax questions
#5: July 08, 2021, 11:25:11 AM
Form 8949: Sales and Other Dispositions of Capital Assets, used by individuals, partnerships, corporations, trusts, and estates to report capital gains and losses on investments. Taxpayers should use this form to report short-term and long-term gains and losses on sales or investment exchanges. For U.S. citizens, IBKR provides consolidated Forms 1099. Most Forms 1099 https://pdf-to-dxf.com/blog/how-to-fill-out-and-file-form-1099-misc/ will appear on the overall statement rather than individually. The information on the consolidated Form 1099 is also reported to the IRS and should be on your federal tax return. Comparing apples to oranges, you can try to check with your accounting department about everything.
  • IP logged
« Last Edit: July 13, 2021, 02:43:09 AM by rosechap »