The change in execution price caused by a trade's size relative to available liquidity.
Price impact is baked into your proceeds: the price you actually received is the tax measure, not the quote before you traded. Large DEX trades with high impact simply produce lower proceeds (or higher basis) on that disposal.
The executed price. Fair market value for a disposal is what you actually received.
Source: IRC 1001; IRS Notice 2014-21
Last reviewed September 18, 2026. Tax rules change; confirm current law before acting.
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