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Messages - Verto

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Investors - LC / Re: 2013 Consolidated 1099s Available!
« on: January 31, 2014, 05:25:06 PM »
I don't have 600 pages, but I do have a good 30+. What really confuses/pisses me off is in 2012 lending club subtotaled all columns for you in their 1099B.

Why did they only subtotal box 2a in 2013 leaving us to manually add up the Principal Balance column? I know that it isn't reported to the IRS, but they could of just added up the total they printed to be a little nice.

General P2P Lending Discussion / Re: Meetup in New York on October 28th
« on: October 29, 2013, 12:09:22 AM »
How was it?

Investors - LC / Re: Folio and IRAs
« on: October 26, 2013, 04:01:48 AM »
It is apparent that LC isn't going to give us an answer soon enough.  Certain decisions have to be made by year end for many folks here I'm sure.  The only solution is for someone who traded in their IRA last year to call up the IRS and ask to be audited.  I think they would be happy to do so.  :)

A private letter ruling for someone with a large account size or large amount of trades would be the best approach. I don't see the IRS commenting officially on anything anytime soon.

To me I had a hard time clearly defining just what kind of business it would be.

Are we the lender: unsecured loan lenders or are we merely speculators: traders and the like? Each have their own requirements to operate that vary by state.

If we can create the business another VERY important thing to consider is solo 401ks and favorable self employment retirements plans to shift the p2p profit into and lower taxable liability.

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