- greasyhands
- Oct 28, 2006
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I've had a few that are repeatedly late, some that are late once and never again, and so far, 2 charge-offs and one default that is likely to end up as a charge off. Here's my current note situation:
So the number of "bad notes" is still a pretty small percentage of the total. Assuming a total of 7 charge-offs (all current late/default/charged off), I will have lost $175. But here's what I've made so far in payments:
My monthly income right now is $408.55. I've slowed down a bit on my buying, due to other unforeseen expenses, but I am still adding notes every couple of weeks. Charge-offs suck hard, but it seems like it's happening on less than 1.5% of my portfolio.
What is the average age of loans on your account? That seems like a pretty young account based on those numbers.
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Apr 3, 2013 05:50
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Apr 30, 2024 03:43
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- greasyhands
- Oct 28, 2006
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Did mine on TurboTax and the OID part was easy. I fortunately only had one loan go bad but I entered that in as a bad personal or business loan, something like that.
This itself was a pain for the $19 capital loss but the biggest concern is if you are a big investor you can only realize $3,000 in capital losses per year. If you have a lot invested and have a high percentage of loans go bad (but still have a good return due to investing in a lot of D-E-F loans) you could be in the position of owing your marginal tax rate on your gains (good loans) and then not being able to deduct all of your losses resulting in a net loss from the operation.
I'm not a tax expert but that seems to be the biggest draw back from investing too much in the platform. The IRS is yet to provide any guidance for P2P specifically but it seems like the general consensus is what I wrote above. Some people with big investments are pissed when they realize they can't just pay taxes on the sum of (gains-losses).
e: You can carry your losses into future years but if you're a big investor you'll likely rack up losses over $3k every year going forward.
You have a misunderstanding of how that works. You can only realize $3,000 in capital losses in *excess* of your capital gains. Any capital losses offset any capital gains into infinity- its once your losses have passed your gain, you can only write off $3k against your normal income. The rest must be carried forward
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Apr 12, 2013 00:27
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- greasyhands
- Oct 28, 2006
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Using Bluevestment, is it possible to have it allocate $X to one filter and $Y to another filter? I want to start a long term test and im too lazy to sort them myself.
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Mar 26, 2016 07:06
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Apr 3, 2013 05:50
