The Expert Guide to DeFi Taxes in the US (2023)

David Canedo, CPA

Written by David Canedo, CPA

Mar 23, 2023

The Internal Revenue Service (IRS) has increasingly shown interest in crypto tax compliance. With the frequent regulatory changes, staying up-to-date on the latest tax guidance is more important than ever. In this regularly-updated expert guide, we’ll explain everything about the tax implications of different DeFi activities and how to report DeFi transactions on your tax return.

Last Updated: Mar 23, 2023

Remember when you thought crypto was tax-free? Yeah, neither do the tax authorities. As DeFi continues to grow, crypto investors should know that the gains from decentralized finance activities may come with a tax bill. 

The Internal Revenue Service (IRS) has increasingly shown interest in crypto tax compliance. With the frequent regulatory changes, staying up-to-date on the latest tax guidance is more important than ever. In this regularly-updated expert guide, we’ll explain everything about the tax implications of different DeFi activities and how to report DeFi transactions on your tax return.

What is Decentralized Finance?

As of March 2023, according to data retrieved from Defillama, the total value locked (TVL) across multiple decentralized applications (DApps) and chains, home to dozens of DeFi protocols, is around USD 49 billion!

DeFi has continued to attract investors thanks to the promising potential for disrupting the traditional financial system by being borderless, transparent, and limitless. DeFi protocols eliminate the need for an intermediary, like a bank, to manage financial processes. Such autonomous operation is possible thanks to smart contracts, or automated protocols that run on a blockchain.

How is DeFi Taxed?

Interacting with DeFi protocols is subject to taxation in the US. The complexity involved in DeFi transactions has created some gray areas in tax treatment. The IRS has not released DeFi-specific guidance, but the following basic tax rules apply for DeFi transactions. 

Capital Asset vs Income

The IRS classifies profits from selling a held item as capital gains, whereas cryptocurrency received directly is categorized as income. According to the IRS, the type of taxation depends on the "nature of the transaction" and whether it’s capital- or revenue-based. 

Capital Gains Tax (CGT) applies when you're spending, swapping, or trading crypto. A capital gain is an increase in the value of a capital asset. Capital gains are returns earned when you sell an investment for more than the purchase price. 

Meanwhile, income tax applies to any activity seen as income for tax purposes. Investment income is profit from interest, dividends, and other profits obtained via an investment vehicle. 

When it comes to DeFi activities, some transactions are classified as capital gains from trading appreciated crypto, while others may be classified as income on tokens received for staking or minting crypto. 

Buying and Selling on DEXs

Decentralized exchanges (DEXs)  allow users to buy, sell or trade crypto tokens without the need to go through a centralized platform. DEXs use automated market makers (AMMs) to enable trading. Users transfer the tokens they want to exchange to the smart contract of an AMM. The contract then calculates the exchange rate based on the supply and demand of the tokens, determines the amount of the other token the user will receive, and returns it to the user.

A swap happens every time you exchange one digital asset for another. According to the IRS, this triggers a taxable event because it involves the exchange of one digital asset for another (crypto-to-crypto trade). 

Buying crypto in exchange for any other cryptocurrency (including stablecoins) constitutes a trade, and Capital Gains Tax (CGT) applies in this case. CGT is not applied anytime you use fiat money (USD) to purchase crypto.

If you record a loss, you won't have to pay any taxes. However, keep note of your losses so you can use them as an offset against profits to reduce your tax bill.

Staking Taxes

Staking refers to the process of locking assets up in a smart contract to serve as a validator while earning tokens as a reward for the temporary commitment of your assets. Staking nodes perform important functions such as verifying and broadcasting transactions, storing a copy of the blockchain, and executing smart contracts. Each node earns rewards for its work of validating transactions. 

Many blockchain-based protocols and networks offer staking services, such as Ethereum, Cardano, and Cosmos. Each protocol and network has unique staking mechanisms, reward structures, and requirements for participation. Additionally, some Layer 2 (L2) scaling solutions like Polygon and Optimism also offer staking services. 

The IRS has not provided much guidance on the taxation of nodes and staking. However, industry practice based on other IRS guidance from similar income types of events indicates that staking income is subject to income tax based on its fair market value at the time of receipt. 

Any node rewards are also subject to income tax, similar to other coins received from staking. Swapping earned tokens is subject to capital gains tax based on the value obtained from them relative to their tax basis (purchase price). 

Crypto Airdrop Taxes

New DeFi projects and protocols frequently use airdrops to incentivize early supporters, gain new users, and receive media attention. To obtain the 'airdropped' tokens, users must meet specific requirements like holding a particular cryptocurrency or using a specific dApp. 

Airdrops are taxed as regular income based on the asset's market value when it is received. According to Rev. Rul. 2019-24, if the taxpayer gets new cryptocurrency units, the acquired assets are taxable. 

Any trade or swap of the received assets is subject to CGT, applied on any value increase from when you received the tokens to when you swapped them. Swapping airdropped tokens for another cryptocurrency is also subject to capital gains tax. 

Using a crypto tax tool like Accointing, you can effectively keep track of all your airdrops and filter out scammy ones, ensuring you're not paying double tax on airdrops.

Liquidity Mining Taxes

Liquidity pools are smart contracts often used in DEXs and AMMs that allow users to pool their funds to provide liquidity for trades. By adding assets to a liquidity pool, users earn a portion of the generated trading fees based on their allocation. In exchange for the added funds, users receive LP tokens representing their share of the pool, which can be redeemed for the underlying assets at any time. Popular examples of protocols with liquidity pools include Uniswap, Curve, Balancer, and SushiSwap.

How are Liquidity Pool Transfers Taxed?

While the IRS hasn't given any specific rules to handle taxes on LP transactions yet, here is an educated guess based on each trade. 

When you swap your coins, tokens, or pairs for a liquidity pool token (LP token), this is considered a taxable event because you are trading one digital asset for another. Your profit or loss will be determined by the difference in value between the coins/tokens you gave up and the LP tokens you received. The original cost of your tokens becomes your tax basis, and the value of the LP tokens you received will be considered your earnings.

Any rewards you get from your LP token investment will be taxed when you have control over them, just like with other types of income like mining or staking. 

Trading your LP tokens back for the original coins/tokens also makes a taxable event. You'll have to report your profit or loss based on the tax basis of your LP tokens compared to the value of the coins/tokens you got back in the trade.

Some may argue that this is just like making a deposit, where you expect to get your original coins back. However, the fact that impermanent losses happen in liquidity pools means that you don't have control over your original coins, which makes a strong case for these transactions being taxable.

Uniswap V2 vs. V3

Uniswap is a decentralized exchange (DEX) that enables users to trade cryptocurrencies, create liquidity pool positions, and trade NFTs. Uniswap V2 improved upon the original protocol by supporting ERC-20 token pairs and implementing a constant product market maker algorithm, which keeps the price of each token balanced based on demand.

Uniswap V3, the latest protocol upgrade, introduced concentrated liquidity. This allows liquidity providers to indicate a price range for transferring their funds, reducing slippage and enabling more efficient capital use. The different versions of Uniswap offer specific features and benefits to users, and the version you use will depend on your trading needs and preferences.

Is Switching from Uniswap V2 vs. V3 Taxable?

Typically, switching from Uniswap version 2 to version 3 wouldn't be a taxable event since you’re still holding the same assets. The only thing is that V3 has more features, such as fee structuring while creating an LP or setting up price ranges for creating a liquidity position. Allocating liquidity between a certain price range could be seen as a taxable event by the IRS and is subject to capital gains tax.

To find out more about this, check out Accointing’s updated Crypto Tax Guide

Taxes on DeFi Lending

Decentralized protocols let people lend and borrow cryptocurrency using liquidity pools. Lenders put in their crypto, and borrowers can use their crypto as collateral to get a loan. The interest rates are determined by supply and demand, and lenders make money from the interest. Popular DeFi protocols that offer this service include Aave, Compound, and MakerDAO. People like these protocols because of their ease of use, interest rates, transparency, and security. 

When you lend crypto, you're putting an asset into a lending pool, which doesn't trigger a taxable event. However, if you receive a token that represents your share of the lending pool it may trigger a taxable event because it's viewed as swapping crypto for another crypto, which would be subject to CGT. On the other hand, earning interest on supplied assets can also have tax implications, for example, rewards received in the form of tokens for lending out capital are subject to the ordinary income tax, and if these are traded for other cryptocurrencies, you are incurring in a GGT.

Taxes on DeFi Borrowing

In DeFi, people can get a loan without a middleman by using collateral. They put their assets in a pool and use smart contracts to borrow money. The collateral secures the loan, but it's usually worth more than the loan to reduce risk. If the collateral's value drops, the lender can sell it to get their money back. You can use DeFi borrowing on different blockchains, like Ethereum and Binance Smart Chain, and popular protocols include  Aave, Compound, and Oasis. To summarize, people put up collateral, get a loan, pay interest, and repay the loan in DeFi borrowing.

If you borrow cryptocurrency, you won't have to pay taxes on it as income. Keep in mind that using cryptocurrency to pay off a loan is not considered a business expense and cannot be deducted.  When a position gets liquidated, the resulting loss can be offset against other capital gains. 

Receiving tokens as an incentive for borrowing funds or from assets earned from the borrowed funds can have tax implications. The value of the tokens received (at FMV) is generally considered income and must be reported on the borrower's tax return as income. Nevertheless, if you sell or exchange them later, you may owe capital gains tax on the difference between the value of the tokens when received and sold. It's important to consult with a qualified tax professional to ensure that you are properly reporting any income or capital gains resulting from borrowing activities.

Taxes on Yield Farming

Yield farming is an optimized way to earn more tokens by lending or staking your tokens on a DeFi platform. Users deposit their crypto assets into a smart contract-based liquidity pool and the rewards are paid out based on how much liquidity is provided (smart contracts make it possible to supply liquidity to different token pairs for high APYs). However, there are risks like impermanent loss and price slippage during volatile markets while dealing with yield farming protocols. For withdrawal of funds, users must return their tokens to the pool and get a share of the pool's assets. Some popular protocols include Beefy Finance and Convex.

Tax regulations for yield farming have not been established as of yet. It is important to know that income (receiving a new cryptocurrency as a reward) derived from yield farming will be subjected to income tax. Additionally, if you make any profit from this activity, you must report it for the purposes of paying capital gains tax. On the other hand, selling the reward asset for more of the staked position for achieving high APYs or just swapping it for another cryptocurrency is subject to the CGT as being a crypto-to-crypto trade. 

DeFi Bridging Taxation

What are Bridges in DeFi?

Bridges are connectors that allow different blockchain networks to interact with each other in DeFi. They work by locking or freezing digital assets on one blockchain (origin chain) and creating an equivalent amount of assets on another blockchain (destination chain). The flow of funds involves sending assets to the bridge contract, which then mints new assets on the destination blockchain. 

When the user wants to redeem their original assets, they send the bridged assets back to the bridge contract, which then burns them and unlocks the original assets for the user. However, bridges are subject to risks such as bugs or vulnerabilities in the smart contract code, and attacks or exploits from malicious actors. 

Popular bridges include Hop protocol, as well as other bridges that connect Ethereum to other blockchains like Polkadot, Cosmos, Optimism, Arbitrum, and Avalanche. Bridges play an important role in expanding the range of possibilities in DeFi, but users should take appropriate precautions to protect their assets.

How is bridging tokens over to a different blockchain taxed?

Taxation on activities related to bridges in DeFi is a complex topic. Some jurisdictions may consider it a taxable event to move an asset from one chain to another. Even though you’re still holding the same asset, the smart contract is different, and, therefore, this constitutes a crypto-to-crypto trade. Yet, in other cases, it may be seen as a non-taxable self-transfer since you’re still holding the same asset in terms of pricing. 

When a token is wrapped and goes cross-chain, this is considered a taxable event. It's important to seek advice from a cryptocurrency tax specialist to ensure compliance with tax laws when bridging assets in DeFi. Additionally, using crypto tax software such as Accointing can help you keep track of DeFi transactions, especially bridges, and ensure accurate reporting to avoid potential tax issues.

DAOs Taxation

Decentralized Autonomous Organizations (DAOs) operate without a central authority. They're digital organizations that use smart contracts and are managed democratically by their members. They use governance tokens that give holders the right to vote on proposals and changes to the protocol. Members can earn rewards for participating in the governance process, adding liquidity, or completing other project-related tasks. Some well-known DAOs are Maker DAO and Decred.

You must declare any asset received from any activity performed in a DAO as income on your tax return (if you obtain it from a DAO in exchange for any products or services you rendered). Also, if you get governance tokens or NFTs in the form of distribution, these must be reported as income in your tax bill. You will be liable for cryptocurrency capital gains tax if you sell these assets in the future.

Synthetic Assets

Synthetic assets are digital tokens that in essence are blockchain-based derivatives. These tokens are created through smart contracts and derive their value from price feeds or oracles. Users deposit collateral to purchase synthetic assets. They can represent the value of various assets such as stocks, cryptocurrencies, and more. 

Popular protocols that offer synthetic assets are Synthetix and UMA. When a user wants to redeem the synthetic asset, they return it to the smart contract and receive back their collateral.

Because synthetic assets are not backed by an underlying asset, they are considered derivatives. Generally, the IRS treats derivatives as property for tax purposes. This implies that transactions involving synthetic assets may be subject to capital gains tax.

For instance, if someone purchases a synthetic asset and sells it for a profit, they might be required to pay capital gains tax on the profit. The particulars of each transaction may have an impact on how taxes are treated. Therefore, it is preferable to obtain the guidance of an experienced tax practitioner.  

Margin trading 

Options trading and margin trading are two methods that users can use to potentially profit from buying or selling assets. In options trading, users can buy or sell assets at a specific price and time. In margin trading, users can borrow funds to buy or sell assets. Smart contracts are used to determine the trading or borrowing limit based on the collateral that users deposit. Profit can be made if the market moves in the user's favor, but there is a risk of loss and liquidation if the market moves against them. Services for options trading and margin trading are available on different chains like Ethereum, Binance Smart Chain, and Solana and are provided by protocols such as Open Leverage and dYdX. In summary, margin trades carried out in the spot market typically entail borrowing funds to enhance the capital available for trading. 

Regarding taxes, gains and losses from cryptocurrency options and margin trades are required to be reported as capital gains tax unless it's a regulated contract on a regulated exchange - take into consideration that nothing on DeFi will be. In summary, any gains from margin trading in DeFi are subject to capital gains tax. On the other hand, options trading in DeFi is generally treated as a capital gain or loss when the option is exercised or expires. It's important to keep track of all your trades and transactions, including those in margin trading and options protocols, and report them accurately on your tax return to avoid potential penalties or legal issues. 

Futures and Derivatives

Futures and derivatives are financial tools that allow users to speculate on the future price of an asset, such as Bitcoin or Ethereum and are traded on DeFi through smart contracts. Users deposit collateral, and the smart contract creates a trading position based on the underlying asset's value. As the asset's price changes, the trading position's value changes, resulting in profits or losses. Futures are contracts that track the price of an underlying asset. Traders can allocate funds towards a movement down (short) or up (long). On the other hand, derivatives derive their value from an underlying asset's price. Popular DeFi protocols that offer futures and derivatives trading include Zeta Markets and Hegic, available on different chains like Ethereum, Arbitrum, and Solana.

Regarding taxes, gains and losses from cryptocurrency transactions related to futures and derivates fall under the scope of the capital gains tax unless it's a regulated futures contract on a regulated exchange - take into consideration that nothing on DeFi will be. In order to be a regulated contract it must be traded on an approved board or exchange and require margin account adjustments depending on daily market conditions. The Chicago Mercantile Exchange (CME) presently recognizes Bitcoin futures and options as 1256 contracts, which are governed by unique tax laws. Other cryptocurrency derivatives' tax treatment will depend on whether or not they qualify as Section 1256 contracts. Futures contracts are subject to special tax regulations, including the annual marking to market of open positions.


Perpetuals are a type of contract that allows traders to speculate on the future price of an asset without actually owning it. These contracts use a funding rate to balance the price of the perpetual with the spot price of the underlying asset. Traders can choose to take either long or short positions. When traders want to open and maintain positions, they deposit collateral. As the price of the underlying asset changes, traders can realize either profits or losses. Some popular DeFi protocols that offer perpetuals are Perpetual Protocol and dYdX.

In terms of taxation of perpetual contracts, the capital gains tax is applied unless a regulated futures contract exchange (CME). Therefore, profits and losses from closed contracts fall under the capital gains tax scope. 

Rebasing Tokens Tax

In rebasing tokens, the number of tokens in circulation changes automatically based on the token's price. The token's supply is controlled by an algorithm that can mint new tokens or burn existing ones as necessary. Although these tokens offer unique investment opportunities, they are considered high-risk due to their constant value fluctuations. Additionally, many of these tokens have limited liquidity and smaller market capitalizations, which can exacerbate the volatility and make it challenging to find favorable trading opportunities. Therefore, it is essential to conduct thorough research and understand the potential risks before investing in rebasing tokens. One of the most popular DeFi protocols that offer rebasing tokens is Ampleforth ($AMPL). 

How are DeFi Rebasing Tokens Taxed?

As far as the taxes of rebasing tokens is concerned, the IRS has not provided any guidance. Rebasing tokens are fungible tokens, and as such, when sold, depending on the gain or loss realized, they are liable to CGT. Please consult with your tax advisor for further instructions on how to handle newly issued tokens or tokens burned as the market rebalances.

Wrapped Tokens Tax

Wrapped tokens in DeFi represent the value of an underlying asset, such as a cryptocurrency or traditional asset, like gold or fiat currency. They allow users to interact with assets that are not natively supported on a specific blockchain. This happens via a custodian, who holds the underlying asset and issues an equivalent amount of the wrapped token on the destination blockchain. 

Wrapped tokens can be traded on various DEXs and redeemed for the underlying asset when needed. Some popular wrapped tokens include Wrapped Bitcoin (WBTC) and RenBTC, both pegged to the value of Bitcoin on another chain (Ethereum). Overall, wrapped tokens provide a way for cross-chain interoperability in the DeFi ecosystem.

How are wrapped tokens taxed?

Regarding taxes on wrapped tokens in DeFi, there can be two ways to infer the tax rules. 

Exchanging wrapped tokens for other cryptocurrencies can be considered a disposal of assets, meaning it needs to be declared as it constitutes a crypto-to-crypto trade. Remember that when a token is wrapped, it typically results in a benefit for the holder that is distinct from the benefit afforded by the original asset because it gives access to more protocols. 

However, the IRS hasn't issued any guidance regarding wrapped tokens taxation, so treating the act of wrapping cryptocurrencies as equivalent to holding the same cryptocurrency (typically wrapped assets hold the same market value) means that it's not a non-taxable event. 

If you hold wrapped tokens, it's crucial to understand how wrapping affects your taxes. Please consult with a tax professional to understand the tax implications of wrapped tokens and their specific tax treatment. To ascertain the precise tax ramifications, evaluate each wrapping circumstance on an individual basis.

Insurance protocols

These protocols are designed to protect users against risks in the DeFi ecosystem, including smart contract failures, oracle malfunctions, liquidity draining, hacking incidents, and many more. It's implemented via smart contracts that pool funds from investors to provide coverage. Users who acquire the insurance can file a claim if a covered event occurs and they receive a payout from the insurance protocol. The flow of funds starts with users depositing funds into a smart contract pool, which is invested to generate returns for the protocol and provide coverage against potential claims. If no claims are made, the returns are distributed among the investors. If a claim is made, the protocol pays out the necessary funds to the user who has suffered a loss. Popular DeFi insurance protocols include Nexus Mutual and InsurAce. They offer an alternative to traditional insurance, with decentralized protocols that provide coverage in a transparent and trustless manner. 

The question of whether crypto insurances are tax-deductible is a complex topic that requires careful analysis. Generally speaking, if an investor pays for an insurance policy on their investments, this cost can be considered a deductible expense against any income generated from those investments (if payments are for a business). However, the specific rules around deductibility will depend on a variety of factors, including the type of insurance policy, the amount of the premium paid, and the nature of the investment income earned. It is highly recommended that individuals seeking to navigate Insurance Protocols on DeFi should seek further assistance from a trusted financial advisor or tax professional to ensure compliance with applicable regulations and to minimize the risk of any potential financial or legal issues.

Flashloans Tax

Flash loans allow users to borrow funds without collateral for a short period (typically less than one block confirmation). They allow users to borrow funds from a lending pool, execute a specific trading strategy, and repay the loan within the same transaction. If the user fails to repay the loan, the transaction is reversed, and the flash loan is canceled. However, the amount spent on gas fees is not reimbursed.  Some popular DeFi protocols that offer flash loans include Aave and Uniswap, and the repayment of the loan is typically made in the same cryptocurrency that was borrowed.

Flashloans are similar to borrowing transactions, but they happen much more quickly. When you take out a flash loan, you are effectively buying and selling an asset. Any profits made from selling cryptocurrency assets are subject to Capital Gains Tax. 

Play 2 Earn Tax

Play-to-earn games in DeFi are a new concept in which players can earn cryptocurrency by playing blockchain-based games. These games offer a seamless way to earn rewards. Players can earn cryptocurrencies by performing in-game activities like completing quests, solving puzzles, and more. The flow of funds in play-to-earn games involves players earning tokens by playing the game, and then these tokens can be sold on various exchanges for other cryptocurrencies or fiat. Users can also stake these tokens in liquidity pools to earn additional rewards.

Some popular protocols that offer play-to-earn games include Axie Infinity (players collect, breed, and battle fantasy creatures known as Axies), Star Atlas (a space-themed game where players can explore and conquer the galaxy), and many more.

There isn't any definitive advice on the taxes of gamified DeFi at the moment. It is crucial to remember that earning money through these activities may still be subject to taxes. Depending on the token's fair market value on the day you acquired it, income tax may probably need to be paid if you obtain new tokens from P2E games. Besides that, the money you make from selling or exchanging the tokens you earn can be taxed under CGT. 

Gas Fees

Gas fees that are incurred during the acquisition of a cryptocurrency asset are included in your cost basis. However, gas fees that cannot be linked explicitly to the acquisition of the asset are not considered deductible according to current guidelines, even though it could be argued that they are necessary costs associated with acquiring the asset. If you have accumulated substantial gas fees, it is recommended to seek guidance from a tax advisor to assist you in navigating this issue. This will help you determine which fees are deductible and which are not.


I was a victim of a rug pull crypto scam. 

If you successfully sell or trade your cryptocurrency, any resulting loss must be reported in the same manner as a loss from other types of trades. However, if you still possess the tokens but are unable to access them due to a liquidity issue, honeypot, among others. It is not presently permissible under existing tax regulations to write them off. Consult with a tax advisor for detailed guidance on this subject. 

How to pay fewer taxes in crypto?

Simply owning a digital asset or cryptocurrency does not create a taxable event. Taxable events occur only when you sell, trade, burn or dispose of the asset. However, any income generated from it, such as rewards, staking, or yield, is considered ordinary income and is taxable.

If you exclusively bought crypto using fiat currency, there is no need to report anything related to it on your tax return. The IRS FAQs portray that you are not even required to tick the box. 

How to Report Taxes in DeFi?

American taxpayers are required by the IRS to report every trade they make on form 8949 of their tax return. For some crypto traders, this can build up to thousands or even millions of trades per year to report. The IRS enables taxpayers to file a separate statement that summarizes transactions in their tax returns. Check out these detailed instructions on preparing your attachments to Form 8949 written by our tax experts. 

Income tax on Defi transactions 

  • Staking income 
  • Nodes income 
  • Airdrops 
  • Liquidity pool (LP) income 
  • Lending rewards 
  • Interest in yield farming aggregators
  • Earning tokens from DAOs
  • P2E games income (rewards)

Capital gains tax on Defi transactions 

  • Swaps on DEXs 
  • Trading airdropped tokens 
  • Trading LP tokens 
  • Swapping lending rewards
  • Borrowing 
  • Trading yields farming rewards 
  • Trading synthetic assets 
  • Options and Margin trading 
  • Perpetual contracts 
  • Futures and Derivatives trading
  • Flashloans 
  • Trading P2E games rewards 

Crypto Tax Software for DeFi

DeFi investors and enthusiasts can make use of crypto tax software as a hassle-free solution for calculating your DeFi taxes. The Accointing tax tool simplifies generating a crypto tax report by automating the calculation of gains and losses and helping you keep track of transactions across exchanges and wallets.

With support for multiple taxation methods, including FIFO, LIFO, and HIFO, the tool accurately calculates your taxes according to your chosen method. In addition to seamless DeFi tax reporting, Accointing also features a free crypto portfolio tracking feature to help you manage your investments. 

To find out more about how to file your cryptocurrency taxes, such as addressing 1099-related inquiries, requesting a tax return extension, or using multiple tax tools to file, we recommend consulting our 2023 Crypto Tax Filing Guide

The information contained in this guide, including any supplemental materials, is for general information purposes and does not constitute financial, investment, legal, or tax advice. The present content is not intended as a thorough, in-depth analysis, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. Please consult your tax adv