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Messages - Vlad

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I used EasyTXF.com and imported it to desktop version of Turbotax last year. This year however, I'm just over Turbotax's 2500 transaction limit as I sold a lot of my small notes. So I looked around and see that Tax Act claims to accept PDF attachments for Schedule D. So perhaps just uploading LC's 1099 in PDF to Tax Act will be sufficient to e-file.

LC also states next to the Recoveries and Folio transactions that "Gross Proceeds from each of your 2014 securities trades are individually reported to the IRS". Does that mean that they already reported every single transaction to IRS?

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Investors - P / Re: 1099-B Tax Form - Charge Off Reporting - Date Sold
« on: March 11, 2015, 09:40:37 AM »
I just found out that Tax Act gives you the ability to upload PDF documents with your e-file, instead of importing them via spreadsheet(2000 transactions is the limit) or mailing it in. So that's what I plan to do this year as I have LC and will use their PDF statement. Last year I used Turbotax, which gives you the ability to upload spreadsheet in TXF format if you have less than 2500 transactions. I used to EasyTXF.com to convert LC's statement into a format that was accepted by Turbotax.

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Foliofn - LC / Re: Buying notes above par?
« on: March 09, 2015, 10:01:19 PM »
Unless you're constantly looking for notes, it's hard to get a good note on Folio if you're not willing to buy above par. It appears that some sophisticated investors use robots to scan newly listed notes. As soon as a good one is listed, it gets bought seconds later.

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Foliofn - LC / Grace Period note purchased on Date Due
« on: March 07, 2015, 07:00:20 PM »
I'm trying to figure out why Lending Club didn't cancel this weird transaction that I noticed today. I bought a large note off Folio on March 2nd, apparently I didn't notice that it was due on the 2nd of every month. Somehow the transaction settled on March 3rd while the note was pending and thus the sale should've been cancelled. I know back in the day, Lending Club would let you sell pending notes, but I thought this was no longer the case. I just took a look at Folio and indeed I do see some notes that should've been cancelled but that are still listed for sale. Does anyone know what's going on here?

What makes me suspicious is that this note, which was Never late the day that I bought it, is now in Grace period. It was also at a large discount, which you rarely see for Never lates notes. I wonder if someone has figured out a way to get around LC cancelling trades on pending notes. Any thoughts?

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Foliofn - LC / Re: Capital Gains
« on: November 10, 2014, 04:48:31 PM »
Since I buy riskier notes that default more, I also will have more than 3k in losses for this tax year. And while I do sell some notes on Folio at a premium, it would be impossible to get enough in capital gains to offset my losses. To remedy that, I'm looking to sell my stocks  that have capital gains by the end of this year. I would imagine other P2P investors would employ a similar strategy for tax purposes.

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Investors - LC / Re: Peter's Tax Post
« on: April 01, 2014, 04:38:52 PM »
I emailed LC regarding the whether or not the charge-offs have been reported to the IRS. The reply I got is that what LC provides is a  "substitute statement". However since the definition of that is not clearly defined, they took the conservative approach and made those recommendations on which boxes to check off. 

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Investors - LC / Re: Importing Transactions into TaxAct/TurboTax
« on: March 31, 2014, 01:56:51 PM »
Just wanted to give an update in case anyone has a similar situation to mine. I had several notes where the sell date was exactly 1 year from the acquisition date, this was erroneously listed as a Long Term transaction on 1099-B. After I contacted LC, they said they will issue a revised 1099-B, which I finally received today.

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Investors - LC / Re: Importing Transactions into TaxAct/TurboTax
« on: March 09, 2014, 09:14:09 PM »
So I just looked up one of my notes that according to 1099-B, was issued on 6/4/2012 and sold on 6/4/2013. It turns out I was this note was actually purchased on 5/30/2012, 6/4/2012 was the date it was issued. And yet, this is what LC says on their website:

"The holding period begins the day after you buy a note. One year from the beginning of your holding period, long-term capital gains rates go into effect. For example, if you bought 100 notes on June 1, 2000, the holding period begins on June 2, 2000. Long-term rates go into effect on June 2, 2001."

In regards to properly entering this information on my taxes. If I leave the dates exactly as LC has them in 1099-B, could that cause issues if IRS' software catches this mistake by LC? It won't affect what I owe since my charge-offs offset my total gains. But I'm wondering if it would be better to put the real purchase date instead of the issue date.

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Investors - LC / Re: Importing Transactions into TaxAct/TurboTax
« on: March 09, 2014, 07:30:15 PM »
Thanks, that was very helpful. I just bought desktop Turbotax Basic and was able to import TXF file.

However, it seems that the TXF file that Easytxf.com created may need some editing before it can be imported. The code in TXF file was N323, which means the basis was reported, I changed that to N713 for all transactions (basis NOT reported) in Notepad. I also had couple of transactions which were sold exactly 1 year from the day it was bought, TXF file coded them as short-term. Whereas Lending Club had them as long-term in 1099-B, which I'm assuming was correct.

These were the fields that I had to put in CSV before uploading to Easytxf.com:
 
Symbol, Quantity, Opening Date, Opening Net Amount, Closing Date, Closing Net Amount

I used Note ID for Symbol and "1" as Quantity for all the transactions. I'm uploading separate TXF files for ST and LT transactions, just like LC had it in 1099-B. Not sure that matters thou.

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Investors - LC / Importing Transactions into TaxAct/TurboTax
« on: March 09, 2014, 12:13:39 PM »
For those with lots of Folio transactions, has anyone had success accurately importing the numbers into their tax software?

I've converted LC's 1099-B to a CSV file but when I imported it to TaxAct, it rounded out every single transaction. Due to mostly rounding up, it's now triple the total amount that was reported on 1099-B.

Unlike TaxAct, Turbotax doesn't seem to round every singe transaction, just the total. But each transaction needs to be typed in manually, and none of the online versions of TurboTax I tried support importing your own CSV file. They do allow you to import from a few brokers, LC not one of them. It appears that Turbotax desktop version supports up to 2,000 imported transactions, but I'm not sure if it let's you upload your own CSV. 

I suppose I can just send the printed CSV to IRS by regular mail, but I prefer to do it electronically. So has anyone successfully done it?

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Investors - LC / Re: Folio and IRAs
« on: October 25, 2013, 09:39:08 AM »
If LC does indeed take away my ability to trade in IRA, I will close my account. Since we can't write off losses like we can in a taxable account, it's critical to have the ability to sell loans that may default. I thus do less selling in my non-IRA account, plus I hate dealing with tax paperwork.

What worries me is that we can't get a clear answer from LC on this. The rep whom I called at LC told me he thinks the new policy may only apply to new accounts, but he wasn't confident in his answer.

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Investors - LC / Re: Folio and IRAs
« on: October 17, 2013, 10:44:39 AM »
So has anyone heard from LC about this? It seems like no one here has has so far been prevented from continuing to make trades. Perhaps this policy applies to only new accounts, either that or LC plans to implement it in the near future.

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Investors - LC / Re: Folio and IRAs
« on: October 15, 2013, 12:57:38 PM »
According to the cached version of LC's website on archive.org, that message appeared last month. And yet, I'm still able to make trades in my IRA account.

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Investors - LC / Re: Did payments not post today?
« on: May 17, 2013, 10:42:04 PM »
It seems that the payments that were supposed to be posted today, those that were due 5/13, did not post. I'm guessing most of them will be completed in Grace tomorrow, just like the ones that were due on 3/4.

I doubt LC is going to fix the error with these late payments, since they will also need to undo many Folio transactions. I had a few pending sales from notes due on 5/13 that should've been cancelled with a payment, but it went thru today.

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