Author Topic: Selling notes--how to report  (Read 3817 times)

Erin K

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Selling notes--how to report
« on: August 05, 2012, 07:56:28 AM »
Does anyone know how we should report notes sold on the Folio Platform when trading from your Lending Club Roth IRA account? Especially if the notes are sold without making a profit.


Peter

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Re: Selling notes--how to report
« Reply #1 on: August 06, 2012, 11:12:15 AM »
Does anyone know how we should report notes sold on the Folio Platform when trading from your Lending Club Roth IRA account? Especially if the notes are sold without making a profit.

I am not an accountant but my understanding is that if you make trades on an IRA account you don't need to report anything. The only time you need to report to the IRS on an IRA account is you withdraw funds.
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Blake

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Re: Selling notes--how to report
« Reply #2 on: October 25, 2012, 12:31:30 AM »
Does anyone know how we should report notes sold on the Folio Platform when trading from your Lending Club Roth IRA account? Especially if the notes are sold without making a profit.

I am not an accountant but my understanding is that if you make trades on an IRA account you don't need to report anything. The only time you need to report to the IRS on an IRA account is you withdraw funds.

Peter, if you don't get a 1099 from LC does that mean you don't owe taxes or you have to report your own interest gains on your own?

thezinfan

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Re: Selling notes--how to report
« Reply #3 on: October 25, 2012, 03:28:41 PM »
barcebal, not quite sure what you are asking (IRA or non-IRA account).

Erin K - For IRA account, you don't report anything except for deposits or withdrawals on the account itself.

Blake

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Re: Selling notes--how to report
« Reply #4 on: October 25, 2012, 03:32:17 PM »
barcebal, not quite sure what you are asking (IRA or non-IRA account).

Erin K - For IRA account, you don't report anything except for deposits or withdrawals on the account itself.

I'm asking about a NON-IRA account.  I read that you have to receive a certain amount of interest PER NOTE, before you get a 1099, but do you still have to report all the earned interest with taxes?

Peter

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Re: Selling notes--how to report
« Reply #5 on: October 25, 2012, 06:05:04 PM »
I covered all this in a post earlier this year:
http://www.lendacademy.com/a-guide-to-filing-your-lending-club-and-prosper-taxes/

The short answer is you have to report all your interest earned from Lending Club whether or not you receive a 1099.
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P2P_CT

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Re: Selling notes--how to report
« Reply #6 on: October 26, 2012, 05:19:13 PM »
FolioFN generates a 1099 showing proceeds from all sales.  This information should be included on your tax return.  I'm no accountant but, but I entered this info in the same place I reported sale of stocks.