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LendingClub and Prosper Tax Information for 2019

We share information related to filing your taxes with LendingClub and Prosper for the 2018 tax year.

March 20, 2019 By Ryan Lichtenwald 2 Comments

Views: 709

[Disclaimer: I am not an accountant nor am I qualified to provide tax advice. You should seek professional advice before taking action on any of the ideas presented here.]

Every year we provide information related to filing your taxes as an investor in LendingClub and Prosper loans. Both platforms have been around for many years and at this point not much is changing on a year to year basis. Our post last year has details which are still relevant today as you file your taxes for 2018.

You van view last year’s post on filing your taxes with LendingClub and Prosper here: https://www.lendacademy.com/lendingclub-prosper-tax-information-2018/

LendingClub has provided an update to their tax guide for retail investors. You can download the 2018 version of this document which will be helpful if you are new to the process. If you want to see a comparison of the 2017 and 2018 tax guide a Lend Academy forum member has created a link which shares the differences. The major changes apply to boxes 1f and 1g and are shown below.

Click to view forum thread

It’s also worth noting that LendingClub works with TurboTTax and they share how TurboTax users can import their LendingClub tax forms.

Prosper has also updated their tax guide for 2018. It is available for download here.

Filed Under: Peer to Peer Lending Tagged With: 2018, lendingclub, Prosper, taxes

Views: 709

Comments

  1. Larry says

    March 28, 2019 at 11:15 am

    You should have mentioned that LendingClub works with TurboTax ONLY to the extent that importing the info does not exceed their constraints. I have not been able to use TurboTax for that reason as I was told I have too many loans to import. TurboTax was apologetic and refunded the money I paid for the program, but since you won’t know how much is too much, my suggestion is to stay away from TurboTax and programs like that if you even think you have an abundance of loans that exceeds their requirements.

    Reply
  2. toby says

    January 31, 2020 at 7:20 pm

    Can we assume the 2019 lending club forms importing to turbo tax are accurate? I know a few years back I had to manually adjust a lot of items. Is it working this year?

    Reply

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LendIt Fintech News, Powered by Lend Academy, has been bringing you all the news and information about fintech and online lending since 2010 when it was founded by Peter Renton. We not only have the industry’s most active news site, but also the largest investor forum and the first and most popular podcast.

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