A trading system that uses smart contracts and liquidity pools to price and exchange tokens without a traditional order book.
Trades on an AMM are crypto-to-crypto swaps: each is a disposal of the token given up at fair market value, with no broker reporting anything to the IRS. The price you received is set by the pool, and that is the value used for tax.
No. Decentralized protocols are not brokers under the current rules. Every AMM trade is reported from your own records.
Source: Treas. Reg. 1.6045-1; IRS Notice 2014-21
Last reviewed September 18, 2026. Tax rules change; confirm current law before acting.
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