Author Topic: First day with LC and Folio  (Read 3109 times)

rrsafety

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First day with LC and Folio
« on: June 11, 2014, 09:31:52 AM »
Hi all. Today I hope for my lending club account to be finally funded after transferring the money last week. Since I'm from Massachusetts I will be trading on folio. I suppose since I am brand-new, I should probably begin thinking about recording information for tax purposes. Any thoughts on Key data points that I must track to make taxes easier next spring? I expect to be purchasing loans on folio and holding them to maturity.

Peter

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Re: First day with LC and Folio
« Reply #1 on: June 14, 2014, 10:24:07 AM »
Hi all. Today I hope for my lending club account to be finally funded after transferring the money last week. Since I'm from Massachusetts I will be trading on folio. I suppose since I am brand-new, I should probably begin thinking about recording information for tax purposes. Any thoughts on Key data points that I must track to make taxes easier next spring? I expect to be purchasing loans on folio and holding them to maturity.
Welcome rrsafety. Glad to have you on here. If you are buying loans on Folio and holding them to maturity your tax reporting will be relatively simple. You should read the latest tax guide I put together for more information:
http://www.lendacademy.com/lending-club-prosper-tax-information-2014/
Publisher of the Lend Academy blog

See my returns here: http://www.lendacademy.com/returns