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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