#88 - Tax attorney Andrew Gordon answers the most common crypto tax questions.
Law of Code
The Tax Effects of Lending Cryptocurrencies
It depends on how the smart contract interacts, but just because there's not a actual human as the counterparty doesn't negate the substance and whether or not we have a taxable event. So it really depends on the mechanics of how it occurs. Typically we'll look to see is this considered like a loan, which is even more interesting given the collapse of Celsius,. BlockFi, FTX and the others where the courts have said no, these aren't actually loans. These are investments, even though everyone thought they were loans.
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