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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13116
Experience:  15years with H & R Block. Divisional leader, Instructor
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I invested in peer-to-peer lending through

Customer Question

I invested in peer-to-peer lending through My interest received for 2015 was $14,200 (1099-OID), which increased my taxes by about $7,000. Since the same investment resulted in a loss of $8,100 (1099-B short-term loss of $1,458 and long-term loss of $6595), I have a net loss of $900 (14,200 - 7,000 - 8,100). Since I don't have capital gains to offset the loss, can I use the loss as investment expenses on on Schedule A, line 23 (rather than carry them over)?
Submitted: 6 months ago.
Category: Tax
Expert:  Robin D. replied 6 months ago.
Hello No your loss cannot be used as an investment expense. Here’s a list of investment-related expenses that are allowed:Fees for investment counsel and advice, including subscriptions to financial publicationsIRA or Keogh custodial fees, if paid by cash outside the accountSoftware or online services used to manage your investmentsSafe deposit box rent, if used the box to store certificates or investment-related documentsTransportation to your broker’s or investment adviser’s officeAttorney, accounting or clerical costs necessary to produce or collect taxable incomeCharges for automatic investment services and dividend reinvestment plansCosts to replace lost security certificatesYour loss is not an expense of the investment.You are required to click a positive rating if I am to be credited with the response.You have to actively click on a rating and click submit. Smiley Faces or Stars.
Expert:  Robin D. replied 6 months ago.
Checking to see if you responded