Clicky

  • Welcome to P2P Lending / NFT Lending Forum.
 

ETH.LOAN

News:

This was the original Lend Academy peer-to-peer lending forum, since forensically restored by deBanked and now reintroduced to eth.loan.

To restore access to your user account, email [email protected]. We apologize for errors you may experience during the recovery.

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

taxes...?

Started by Peter, January 11, 2019, 11:00:00 PM

Previous topic - Next topic

mikedev10

primary note = ordinary income
secondary note = ordinary income
charge off = capital gains loss
sale of note, or recovery after charge off = capital gains gain/loss

is this correct?

i'm still confused how to even calculate this...  say i lent $25 at 5% and a borrower started repaying in jan 2018.  at this point i've collected about 8.99, of which 7.92 was principal and 1.07 was interest.  i assume my tax form is going to have a box (summing up all my notes) and stating i owe taxes on 1.07?

reporting on this stuff alone seems an argument to only fund an account with roth ira funds...

Fred93

Yes, you got it pretty much right.  Interest is ordinary income.  Sale and default are capital gain/loss.

LC sends you a form 1099.
You copy the numbers to your tax forms.
You don't need to itemize every loan.

lascott

LC has tax guides for several years. At the bottom of this post it also mentioned they have an option that works with with Turbo Tax.

I didn't see at 2018 tax guide but here is the 2017: https://help.lendingclub.com/hc/en-us/articles/216706817-2017-Downloadable-Tax-Guide" class="bbc_link" target="_blank">https://help.lendingclub.com/hc/en-us/articles/216706817-2017-Downloadable-Tax-Guide

martinp2p

If you use TurboTax to work out your tax returns, you can have LendingClub tax forms automatically imported into TurboTax and it's done. No manual number entry required.

https://help.lendingclub.com/hc/en-us/articles/220044828-Importing-LendingClub-tax-forms-to-TurboTax-a-step-by-step-guide" class="bbc_link" target="_blank">https://help.lendingclub.com/hc/en-us/articles/220044828-Importing-LendingClub-tax-forms-to-TurboTax-a-step-by-step-guide

TravelingPennies


TravelingPennies


TravelingPennies


TravelingPennies


TravelingPennies


TravelingPennies


TravelingPennies


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