Author Topic: Prosper 1099 Tax forms for tax year 2017  (Read 256 times)

ambivalentonprosper

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Prosper 1099 Tax forms for tax year 2017
« on: February 09, 2018, 05:42:28 PM »
Has anyone taken a look at their forms?  They made some major changes for the 1099-B form.  Previously, in the 2016 tax year, they sent two 1099-B forms, one for long-term and another for short-term losses (it's always losses...).


However, for the 2017 tax year, they have consolidated the 1099-Bs into just one form, and it's not clear whether one has to calculate long-term and short-term losses manually now.  They do give a subtotal for boxes 1D, proceeds, but I do not see a consolidated figure for boxes 1E, cost or other basis, for short-term and long-term calculations. My 1099-B form is over 300 pages, and I hope I don't have to calculate cost basis manually...   :( . Am I missing something obvious? I hope so.
« Last Edit: February 09, 2018, 05:46:45 PM by ambivalentonprosper »

mrwhizzard

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Re: Prosper 1099 Tax forms for tax year 2017
« Reply #1 on: February 09, 2018, 05:59:54 PM »
However, for the 2017 tax year, they have consolidated the 1099-Bs into just one form, and it's not clear whether one has to calculate long-term and short-term losses manually now.  They do give a subtotal for boxes 1D, proceeds, but I do not see a consolidated figure for boxes 1E, cost or other basis, for short-term and long-term calculations. My 1099-B form is over 300 pages, and I hope I don't have to calculate cost basis manually...   :( . Am I missing something obvious? I hope so.

On mine, the summary at the top gives totals for 1d and 1e, but not split out by short-term vs long-term. Each individual transaction identifies itself as short-term vs long-term, however.

Even if they had included short-term and long-term totals separately, don't you have to report each transaction individually on Form 8949? I thought that was a requirement whenever the basis was not reported to the IRS.