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Messages - mrwhizzard

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Investors - P / Re: Good Returns on Prosper?
« on: November 04, 2020, 09:35:45 PM »
I am trying to decide if I should invest on Prosper, since LC will close down its retail channel. What do the NARs (and seasoned NARs) look like for y'all?
I guess I'll let you decide your own definition of "good", but I have a seasoned NAR of 5.75% currently (and I believe it has ranged from around 5%-6%, more or less). I've had my prosper account open for around 5 years now, and currently have a 39/29/17/15 mix of B/C/D/E grade notes.

My experience with Prosper was much better than with LC (where my NAR is between 0.5% and 1.0%, with roughly the same mix and time frame), but I put very little effort into picking notes (I use(d) the auto-invest feature on both platforms).

Investors - P / Re: Prosper 1099 - "Collectibles"
« on: March 10, 2020, 11:50:58 PM »
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.

Investors - P / Re: Prosper 1099 - "Collectibles"
« on: March 09, 2020, 11:07:59 AM »
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:

Investors - P / Re: prosper 1099 - recovery reversal transactions
« on: March 09, 2020, 11:05:06 AM »
There is no need to enter info from EACH LOAN into your tax return.  Just report the totals. 
I'm sure that this is commonly done, and I don't really see a major issue with it, but technically, I don't think this is allowed.

Investors - P / prosper 1099 - recovery reversal transactions
« on: February 02, 2020, 05:02:15 PM »
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):

Prosper 839305-207 CHARGEOFF   06/11/2019      07/13/2017      $0.00   $20.86  Long-term
Prosper 839305-207 RECOVERY     06/17/2019      07/13/2017      $0.79   $0.00   Long-term
Prosper 839305-207 RECOVERY     06/19/2019      07/13/2017      ($0.79) $0.00   Long-term
Prosper 839305-207 RECOVERY     07/15/2019      07/13/2017      $0.59   $0.00   Long-term
Prosper 839305-207 RECOVERY     07/17/2019      07/13/2017      ($0.59) $0.00   Long-term
Prosper 839305-207 RECOVERY     08/15/2019      07/13/2017      $0.05   $0.00   Long-term
Prosper 839305-207 RECOVERY     08/20/2019      07/13/2017      $0.59   $0.00   Long-term
Prosper 839305-207 RECOVERY     08/22/2019      07/13/2017      ($0.59) $0.00   Long-term
Prosper 839305-207 RECOVERY     09/12/2019      07/13/2017      $0.51   $0.00   Long-term
Prosper 839305-207 RECOVERY     09/17/2019      07/13/2017      $0.59   $0.00   Long-term
Prosper 839305-207 RECOVERY     09/19/2019      07/13/2017      ($0.59) $0.00   Long-term
Prosper 839305-207 RECOVERY     10/10/2019      07/13/2017      $0.51   $0.00   Long-term
Prosper 839305-207 RECOVERY     10/16/2019      07/13/2017      $0.59   $0.00   Long-term
Prosper 839305-207 RECOVERY     10/18/2019      07/13/2017      ($0.59) $0.00   Long-term
Prosper 839305-207 RECOVERY     11/13/2019      07/13/2017      $0.51   $0.00   Long-term
Prosper 839305-207 RECOVERY     11/19/2019      07/13/2017      $0.59   $0.00   Long-term
Prosper 839305-207 RECOVERY     11/21/2019      07/13/2017      ($0.59) $0.00   Long-term
Prosper 839305-207 RECOVERY     12/11/2019      07/13/2017      $0.51   $0.00   Long-term
Prosper 839305-207 RECOVERY     12/17/2019      07/13/2017      $0.59   $0.00   Long-term
Prosper 839305-207 RECOVERY     12/17/2019      07/13/2017      ($0.59) $0.00   Long-term

These recovery+reversal transactions are amounting to over 10% of all the transactions reported on my 1099 this year. I can't decide whether to complain to Prosper about it, or just live with it.

Off Topic / Re: Cash Parking
« on: January 27, 2020, 02:58:30 PM »
I believe in this context TD is referring to TreasuryDirect, and not TD Ameritrade.

Yep, sorry about the ambiguity there. With TreasuryDirect, you have to "type" your password by clicking little buttons on the web page.

Off Topic / Re: Cash Parking
« on: January 23, 2020, 11:48:02 AM »
Treasuries are tradeable with 1 click at your stock broker's web site.

I've only bought treasuries via TreasuryDirect before. Do you have any advice about how to do this via a broker? I really dislike the kludgy way you have to login at TD...

I had one employer that gave out W-2's with the first paycheck of the new year, in one case on January 4th. They did almost all of their accounting in house too.

I got mine last Friday.  :) And this is a company with ~40k employees.

Investors - P / Re: Worst Month Yet, Prosper Version
« on: October 28, 2019, 02:28:17 PM »
A fitting end to this thread. One more note to go, principal outstanding $0.03.

That's a lot of cash to keep in an account you've wound down, isn't it?

Investors - LC / Re: Available Cash -$1.49
« on: March 08, 2019, 11:49:21 AM »
I guess that's an explanation, but it doesn't seem like they should be crediting money to me that they haven't actually received. Weird.

This seems like the change to the payment process that started on Feb 12. From the LC help page:

Effective February 12, 2019, when borrowers make payments, LendingClub applies the applicable portion to investor accounts within one business day, versus the former transfer time of up to 5 business days. By reducing the payment transfer period, investors:
May see “reverse payment” transactions, reflecting failed payments from borrowers.
Therefore, in rare cases, you may see a payment deposited and later reversed. Payments that fail after they’re deposited into investor accounts will appear as negative line items on investor statements.
May experience negative ending cash balances in certain circumstances, which will be reflected on their statements.

Investing - General (not P2P) / Net Investment Income Tax
« on: February 14, 2019, 04:21:02 PM »
I'm not sure if this is really the right forum to ask this question, but I figured some of you might also have to fill out Form 8960 (Net Investment Income Tax). My questions are regarding line 9B. The form instructions say that this line should "Include state, local, and foreign income taxes you paid for the tax year that are attributable to net investment income" and that you can use "any reasonable method" to determine that amount.

(1) It seems that most of the tax prep software uses something like "(schedule A line 5A) * (net investment income) / (adjusted gross income)". This doesn't seem reasonable to me because Schedule A line 5A is taxes paid during the tax year, rather than taxes paid for the tax year. For example, 5A could include a large end-of-year payment for 2017 that I paid when filing my taxes in 2018. Or, it could include a very large overpayment of 2018 taxes that will be mostly refunded in 2019.

(2) It is unclear to me from the instructions whether the $10k limit on state and local taxes which applies to itemized deductions also affects from 8960. The 8960 instructions say that line 9B can include "State, local, and foreign income taxes if properly deducted on your return when calculating your U.S. regular income tax" (emphasis mine). This would, in my opinion, tend to limit you to the $10k, since nothing over that amount is deducted on your return.

Any opinions that might shed some light here?

Here's a link to the instructions:

Foliofn - LC / Re: Looking to buy Historic Folio data
« on: August 20, 2018, 01:47:44 PM »
Alaska, New Mexico, North Carolina, Pennsylvania: Residents are unable to purchase LendingClub Notes on the primary market. However, they are permitted to buy and sell LendingClub Notes on the Folio Investing* Note Trading Platform.

So the guys who can trade on the secondary market but not the primary market are just three states.

I count four?

Investors - LC / Re: New Platform
« on: July 02, 2018, 04:55:14 PM »
I did complain to LC about it, and got a more or less canned response. Basically, they know that there are issues with the new interface, but they didn't care enough to fix them before rolling it out... Yay.

The recent changes we made to our Holdings page is part of a continuous effort to improve our investor experience. We are taking your assessment and using it to make the appropriate adjustments to design the most functional website for our clients.

Unfortunately, this update has caused an issue with assigning Notes to portfolios. Our engineering team is aware of this issue and are planning to update the page mid to late July. I appreciate your patience and apologize for the inconvenience this has caused.

We've made many updates in the past year and a lot of these changes and improvements could not have been successful without your feedback. We hope to continue on our path to improving investor experience and as you can see, there is bound to be some trial and error.

Here's a quick summary of our recent updates as well as some changes we hope to be able to bring to our investors in the near future:

• Multi-factor Authentication
• F&G update
• 5th Generation Credit Model

I hope you continue on this journey with us as we work together to make this a better experience overall.

Thanks again for your help!

Investors - LC / Re: New Platform
« on: June 28, 2018, 04:00:36 PM »
Yeah, that's really annoying. And even though it shows a portfolio filter at the top, it's greyed out for me.

Investors - LC / Re: Loan Availability by Initial Listing Status, 17Q3
« on: February 12, 2018, 03:44:21 PM »
I do know that I'm only interested in loans initially listed fractional and there doesn't seem to be enough of them for me to consider an A grade only strategy to take advantage of LC's IRA bonus offer.

Are we assuming (or has LC said) that the loans initially offered as whole are a randomly selected subset? Because if not, and the "best" loans are sent to the whole market, then even the rejects from that might be better than the loans initially offered fractional, right?

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