Like you said, I believe the interest is deductible against your ordinary investment income if you itemize? https://www.schwab.com/resource-center/insights/content/investment-expenses-whats-tax-deductible. I know QYLD's yield will often result in return of capital. So, I might be able to deduct against it. Let say if I have other ordinary investment incomes. Is there any reason why I wouldn't itemize if I borrow on margin?
Here’s a great book that helped me get started trading options! You can find it on Amazon.
https://www.amazon.com/dp/B09MC93FWL/ref=cm_sw_r_awdo_navT_a_NPE8M4Z3R26T4CGN0X7Y
It’s called The Ten Trade Commandments