We have a 1099-oid from Lending Club showing interest. We had our taxes professionally prepared last year and he showed the interest on Schedule B and then an OID Adjustment in the same amount as a negative which zeroed out the interest effect. He mentioned that that is how OIDs should be treated.
I also have a 1099-B from Lending club that has a negative number for almost the same amount as that on OID,
Please do not refer me to Publication 1212.
What circumstance allows for the OID interest adjustment?
