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New Member
posted Mar 16, 2025 10:58:27 AM

Why does Prosper LLC 1099-B report proceeds and cost basis but gain/loss is 0? Also, the DEBTSALE items show "Box 3" with "Collectibles" next to it. How do I report this?

I see 2 types of entries in the 1099-B from Prosper. Some are "CHARGEOFF", and some are "DEBTSALE". They all have proceeds and cost basis associated with them, but none of them show a gain/loss. All of the DEBTSALE items have "Box 3: Collectibles". How do I enter these in Turbotax? If I just enter the proceeds and cost/basis, Turbotax calculates a gain/loss, but it's all zeros in 1099-B.

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1 Replies
Expert Alumni
Mar 23, 2025 9:49:19 AM

You may enter an IRS form 1099-B into TurboTax Premium Online on a One by one basis by following these steps.

 

  1. Down the left side of the screen, click Federal.
  2. Down the left side of the screen, click Wages & Income.
  3. Click the down arrow to the right of Investments and Savings.
  4. Click to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).
  5. Click Add investments.
  6. On the Let's import your tax info screen, select Enter a different way.
  7. On the OK, let's start with one investment type screen, select Stocks, Bonds, Mutual Funds, then Continue.
  8. At the screen Which bank or brokerage, enter the information.  Click Continue.
  9. Do these sales include any employee stock, enter No.
  10. Do you have more than three sales, enter No.
  11. Do these sales include any other types of investments, enter No.
  12. Did you buy every investment listed, enter Yes.  Continue.
  13. On the screen Now, choose how to enter your sales, select One by One.  Select Continue.
  14. At the screen Look for your sales on your 1099-B, select Continue.
  15. Enter the information.  Under What type of investment did you sell, you may be selecting Collectible.
  16. Select Continue.
  17. At the screen Review you sales, select Add another sale to report another sale.