Peer to Peer Interest Taxation

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strettie

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Has anyone got clear advice on what should be entered on your income tax return given below example of interest earned on a peer to peer lending platform

Gross Interest €100.00
Platform Fees €12.50
Loan Defaults €20.00

Is the taxable amount
1. Gross Interest
2. Gross Interest less platform fees
3. Gross Interest less platform fees less loan defaults
 
There are other threads on here discussing this matter - my view is that the figure net of platform fees (at least) is taxable, since these fees are an unavoidable expense in receiving this income. I've not come across loan defaults before, what do these relate to? Is this an interest expense from a defaulting loan or reflects the loss of capital?
 
Loan default is the capital sum remaining on loan that will not be repaid.

Reason I had question on platform fees is Schedule D Case III which does not seem to allow for any deductions
 
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Has anyone got clear advice on what should be entered on your income tax return given below example of interest earned on a peer to peer lending platform

Gross Interest €100.00
Platform Fees €12.50
Loan Defaults €20.00

Is the taxable amount
1. Gross Interest
2. Gross Interest less platform fees
3. Gross Interest less platform fees less loan defaults

I'm very new with P2P lending. I also don't really know how to file my tax liability on any gains from P2P investments. I have tried searching for answers on this but to no avail. I don't want to go to an accountant with this because investment involved is quite minimal. Hope somebody out there can share any knowledge. Thanks in advance.
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