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Author Topic: prosper 1099 - recovery reversal transactions

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prosper 1099 - recovery reversal transactions
OP: February 02, 2020, 12:00:00 AM
The Prosper 1099B has always been lacking. No basis reporting to the IRS (which means that, technically, the individual transactions need to be reported); no summary of short-term vs long-term totals; charged off and recovered amounts always listed as separate transactions, even when occurring in the same year; etc.

This year, I've found something new to complain about. It seems that Prosper has decided to report reversed recovery transactions as well, along with the reversal. Here's one extreme case (note that these are all from the same note):

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R
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prosper 1099 - recovery reversal transactions
#1: March 05, 2020, 12:00:00 AM
Yikes, haven't check my 1099B yet... hope it's not that bad.

As for me, I think I'm done living with it. I've been an investor on their platform since the start of 2014, and even though my returns have remained positive over the years, I find the quality of service has largely been downhill. (Removal of secondary market, revamped site, recent API issues, site login/navigation issues, now this?)




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prosper 1099 - recovery reversal transactions
#2: March 05, 2020, 12:00:00 AM
There is no need to enter info from EACH LOAN into your tax return.  Just report the totals. 
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