Friday, December 23, 2011

No 1099 from Lending Club

In the past 3 years, I've never gotten a 1099 from Lending Club.  In planning for tax season 2011, I gave them a quick call to confirm the reason.

An 1099-OID will only be sent if interest (late fees - servicing fees) is greater than $10 for any ONE note in a year.  In other words, if you, like me, have a bunch of small notes, you will never get a 1099-OID.

You could get a 1099-MISC if you receive incentive payments of greater than $600.

Good to know.  (Whew)

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