Will SoLo Funds issue a 1099-MISC for my activity in a given tax year?
We want to preface all comments in this email by clearly stating that SoLo Funds is not in the business of providing tax advice. We encourage you to consult with your own tax preparer or accountant for tax advice. SoLo does indeed track user history and will provide each user with a completed 1099-MISC at the end of each calendar year. As required, we will only send the 1099-MISC if your 2020 profit cash-basis was at least $600. If you qualify for a 1099, our team will send it electronically with your email on file. If eligible, you will receive one in late January.
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How does SoLo Funds handle individuals tax reporting?
SoLo Funds will provide 1099-MISC Reporting to any Lenders who generate $600 or more in cash-basis profit on SoLo Funds' Marketplace, in a given calendar year.
As a lender, will I be contacted if a borrower is sent to collections?
Yes, you will receive an email informing you that a loan you funded is going to collections. If our internal collections team or our collections partner is successful in collecting the debt that is owed to you, SoLo will transfer the funds ...
Will the Borrower be able to take out another loan on the SoLo app if they still owe?
No. All Borrowers will be suspended from using the SoLo app until their loan is repaid. If the loan is sent to our collections partner, the Borrower will not be able to return to the SoLo app. Here at SoLo, we are looking to build a thriving and ...
As a lender, will I be contacted by your collections partner if the borrower gets sent to collections?
No, you will not be contacted by our collections partner as they are collecting the funds on behalf of SoLo. If they collect anything from the borrower, SoLo will transfer the funds immediately to your account.
Are Tips Taxable?
SoLo does not provide tax advice, however, we do track all user’s history and will provide each user with a 1099-MISC at the end of each calendar year if they meet the current year reporting threshold.