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[xraider]

My payments which Prosper 1099'd were $9.01, the amount Prosper has doled out to me for the ch 13 bk where Prosper didn't file a proof of claim.  For anyone new to that, I contacted Prosper to find out the status of bks which were never marked as discharged.  Prosper said oops, we didn't file a proof of claim and this one is on a 5 year repayment plan. So, Prosper is paying lenders on that 5 year plan.  No other collections from the crack collection agencies.  So, as with moth and rust, my experience is that collections are dependent on our catching Prosper or our borrowers wanting to do the right thing.

[moneytree4172]

Prosper says I had $185 in recoveries in 2012. How much did you get?

$0.00.  Same as always. 

$10.28

I had completely written off Prosper and moved on.  Then I got the email today and it sucked me back in.  With this recovery, I'm less than $5 away from breaking even on my trivial dabbling.

[rogerwaite]

Is there a way to appeal a bogus 1099 that a company doesnt fix?

Schedule D allows you to indicate discrepancies. I know HRBlock TaxCut software matches that ability, so I assume TurboTax would too.

[Xenon481]

It looks like the "corrected" 1099's had other incorrect information on them, so Prosper just sent out another batch of "corrected corrected" 1099's.

However, these 1099's still don't have the cost basis filled in, so you have to get that cost basis from the Lender-End-of-Year Statement which Prosper has still not generated and officially (per lender support) has no ETA on when they will be generated.

[ira01]

It looks like the "corrected" 1099's had other incorrect information on them, so Prosper just sent out another batch of "corrected corrected" 1099's.

However, these 1099's still don't have the cost basis filled in, so you have to get that cost basis from the Lender-End-of-Year Statement which Prosper has still not generated and officially (per lender support) has no ETA on when they will be generated.

Same ole Prosper.   

[DCS]

If it's a recovery on a charged off loan that you claimed a loss on in a previous year, isn't the basis $0?

[artjunkie]

For 4 years (since Nov 2009) Prosper has sent me a monthly statement with everything on it a -0-. No idea why they keep producing a statement month after month after year after year.

Now I notice on the consolidated 1099 form, which is the first year I've received such a thing (although I received a Lender End-of-Year Statement in 2009 for that year and only that year), that my first name is changed from my real first name to the name...


wait for it...



COW.


No kidding. It has COW as my first name and then my real last name.


Can't make this stuff up.


Prosper is unreal. As Ira said, they haven't changed from the start. A company that can't even issue correct statements has no business with my money, not a single penny. They haven't gotten any better on this since 2006.

[Mtnchick]

For 4 years (since Nov 2009) Prosper has sent me a monthly statement with everything on it a -0-. No idea why they keep producing a statement month after month after year after year.

Now I notice on the consolidated 1099 form, which is the first year I've received such a thing (although I received a Lender End-of-Year Statement in 2009 for that year and only that year), that my first name is changed from my real first name to the name...


wait for it...



COW.


No kidding. It has COW as my first name and then my real last name.


Can't make this stuff up.


Prosper is unreal. As Ira said, they haven't changed from the start. A company that can't even issue correct statements has no business with my money, not a single penny. They haven't gotten any better on this since 2006.

 

[112233]

I had no idea your last name is dog

[ira01]

I had no idea your last name is dog

 

On the Internet, no one knows you're a dog.

[cubbiesnextyr]

It looks like the "corrected" 1099's had other incorrect information on them, so Prosper just sent out another batch of "corrected corrected" 1099's.

However, these 1099's still don't have the cost basis filled in, so you have to get that cost basis from the Lender-End-of-Year Statement which Prosper has still not generated and officially (per lender support) has no ETA on when they will be generated.

Not to defend Prosper, but I don't think they're required to include the cost basis as I don't believe prosper notes would be considered a covered security.  And cost basis reporting is only required for covered securities purchased starting 1/1/11, so if you invested prior, they'd never be required to include that information.

[Xenon481]

It looks like the "corrected" 1099's had other incorrect information on them, so Prosper just sent out another batch of "corrected corrected" 1099's.

However, these 1099's still don't have the cost basis filled in, so you have to get that cost basis from the Lender-End-of-Year Statement which Prosper has still not generated and officially (per lender support) has no ETA on when they will be generated.

Not to defend Prosper, but I don't think they're required to include the cost basis as I don't believe prosper notes would be considered a covered security.  And cost basis reporting is only required for covered securities purchased starting 1/1/11, so if you invested prior, they'd never be required to include that information.

But you still need your cost basis to figure out your taxes and you need the end of year statement to be able to easily determine the cost basis.

[cubbiesnextyr]

It looks like the "corrected" 1099's had other incorrect information on them, so Prosper just sent out another batch of "corrected corrected" 1099's.

However, these 1099's still don't have the cost basis filled in, so you have to get that cost basis from the Lender-End-of-Year Statement which Prosper has still not generated and officially (per lender support) has no ETA on when they will be generated.

Not to defend Prosper, but I don't think they're required to include the cost basis as I don't believe prosper notes would be considered a covered security.  And cost basis reporting is only required for covered securities purchased starting 1/1/11, so if you invested prior, they'd never be required to include that information.

But you still need your cost basis to figure out your taxes and you need the end of year statement to be able to easily determine the cost basis.

All true, but your post gave the impression that this was also something they were doing that is incorrect.  It's not, it's just lazy.

[mothandrust]

No kidding. It has COW as my first name

Just another load of bull from Prosper.

[yankeefan]

All I have form them is the original 1099B which lists all my recoveries as long term capital gains, not short term gain recoveries. 

I just listed them as recoveries of bad debt on turbo tax.  Not much money anyway.