Lend Academy Network Forum
Prosper Discussion => Investors - P => Topic started by: neals384 on March 06, 2020, 10:57:38 AM
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Reviewed my 1099 from Prosper and was curious to see recovery and debt sale transactions listed as "Collectibles", box 3. The amounts are small, but categorizing them as box 3 makes them subject to ordinary income tax. Anyone else have the same issue?
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Reviewed my 1099 from Prosper and was curious to see recovery and debt sale transactions listed as "Collectibles", box 3. The amounts are small, but categorizing them as box 3 makes them subject to ordinary income tax. Anyone else have the same issue?
I don't see this issue on mine:
(https://forum.lendacademy.com/index.php?action=dlattach;topic=21628.0;attach=1878)
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I received this "helpful" email from Prosper:
Thank you very much for reaching out, we appreciate you and your time.
We use Sovos a 3rd party tax vendor. I just wanted to provide a little information on box 3 of your 1099 B.
"Collectibles" are considered alternative investments by the IRS and include things like art, stamps & coins, cards & comics, rare items, antiques, and so on. I hope this helps out!
Please feel free to ask any more questions if you have any.
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Here's a piece of my 1099 showing "Collectibles". My best guess is there is a newby in the Tax service who thinks "Collections" = "Collectibles" LOL.
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Here's a piece of my 1099 showing "Collectibles". My best guess is there is a newby in the Tax service who thinks "Collections" = "Collectibles" LOL.
Ahh, I was looking in the wrong place. I see it on mine too. Well, some people collect stamps; I guess I collect Prosper Notes.
I checked 2018, and it looks like this is a new issue for 2019.