Clemons RandallDec 25, 2021 · 3 years ago8 answers Can financing costs be deducted from taxable income when trading cryptocurrencies?
Is it possible to deduct financing costs from taxable income when engaging in cryptocurrency trading? I am curious to know if the expenses incurred for financing trades, such as interest on borrowed funds or margin trading fees, can be considered as deductible expenses for tax purposes. Can these costs be offset against the taxable income generated from cryptocurrency trading activities?