CryptoCoin ☑️RT CryptoTaxGirl:
If you're borrowing against your crypto as use the loan to buy more crypto (or other investments), the interest paid can be deducted as investment interest expense, up to the amount of your investment income.
If the loan is used for personal expenses, interest isn't deductible.
https://twitter.com/CryptoTaxGirl/status/1362497548133433345
#Bitcoin 
#Tax #Taxes #IRS #CryptoTaxGirl #Lend #Borrow #Collateral #Interested #Deduction #TaxDeduction #Investment #Interest #Income #Expense #InterestExpense
Crypto Tax Girl on Twitter
“If you're borrowing against your crypto as use the loan to buy more crypto (or other investments), the interest paid can be deducted as investment interest expense, up to the amount of your investment income. If the loan is used for personal expenses, interest isn't deductible.”