baldpate
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Post by baldpate on Apr 12, 2015 19:43:12 GMT
Does ReBS not provide a tax statement? I've looked everywhere I can think of on the site, but can't seem to find one. An established platform like ReBS must surely provide such a thing, so I must be overlooking something. Thanks.
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baldpate
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Post by baldpate on Apr 12, 2015 20:30:38 GMT
Thanks viperstripes - I've never used that way of getting to the dashboard (I've always used the dropdown below "Signed in as"), so overlooked it.
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SteveT
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Post by SteveT on Apr 18, 2015 8:30:31 GMT
Having just printed my ReBS 2014/15 tax statement, I'm surprised to see that it includes in the "Total" not only "Interest Earnings" but also "Promotional Credits", "Net Microloan Sales Gains" and "Fees from Microloan Sales".
By contrast, my FC tax statement shows only "Total Interest Earned" less "Funding Circle Servicing Fee", ignoring profits / losses made on SM sales / purchases and associated SM fees.
I realise the tax treatment of such things is something of a grey area but what do other ReBS lenders choose to include in their personal tax return: the "Interest Earnings" figure or the "Total" figure?
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baldpate
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Post by baldpate on Apr 18, 2015 12:31:59 GMT
I intend to declare only the Interest Earnings figure. I think the only real grey area is the treatment of Promotional Credits : but as I regard these are an 'inducement to lend' and believe them to be paid by ReBS not by the borrower (and in several cases - e.g. the New Lender credit - are not even specific to particular loans, but dependant upon the status of the lender), I will be excluding Promotional Credits from my declared interest earnings.
Although I have neither bought nor sold any loan parts so far, I believe the case is fairly clear that these relate not to Income but to Capital Gains/Losses (with the Fees being associated costs), which is how I expect to treat them in the future.
Just my opinion, of course.
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