How to mark tx as a loan?

When borrowing funds from defi, how do we mark the transaction as borrowed?

Answering my own question here. You’d mark the load as a ‘Buy’ and when you pay it back, you’d mark it as a ‘Sell’.

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Hope I’m not mis-reading anything, but in this thread a support explains how to to record a loan as transfer and receive:

  • Deposit collateral (e.g. DAI ) — not taxable, mark as transfer
  • Receive loan (e.g. ETH ) — not taxable, just leave as a receive (cost basis = fair market value, zero income)


Which method should I go with? In my case I sent some btc to my Blockfi btc account as a loan collateral.