Thats an interesting way to look at it, I would also like a definite answer.

In the UK at least deafults on P2P loans are capital, I would assume they would be the same here.

Zopa co-founder Giles Andrews says the way income tax is charged on peer-to-peer lending is unfair.
“It allows lenders to offset our fees against interest earned for tax purposes but not losses from bad debts,” he explains. “Obviously, the net returns would be much higher if lenders could do so and it’s something we have been lobbying for since we launched.”
http://www.ft.com/cms/s/0/854e01d6-8...#axzz3RrJcqpj2