translated title
translated summary under 160 chars
translated article in markdown format
We need to output exactly that, no JSON, no code blocks. Provide title, summary, then "CONTENT:" line and then the translated article in markdown.
We need to translate the title: "DeFi Yield Farming Tax Guide: What Crypto Investors Need to Know"
Chinese: "DeFi 收益耕作税务指南：加密投资者需要知道的事" maybe.
Summary: original: "Learn how DeFi yield farming generates taxable events, what records to keep, and practical strategies to minimize your crypto tax liability."
Translate: "了解 DeFi 收益耕作如何产生应税事件，需要保存哪些记录，以及实用策略以最小化您的加密税负。" Need under 160 characters Chinese characters count. Let's count approximate: "了解 DeFi 收益耕作如何产生应税事件，需要保存哪些记录，以及实用策略以最小化您的加密税负。" That's about maybe 70 characters. Good.
Now translate the article content. Need to keep markdown headings etc. Translate everything into Chinese, preserving HTML tags? The original content uses HTML tags (
,
,
- ,
- , ,
- , etc.). We should translate the text inside tags but keep tags unchanged. Also need to translate content inside , etc.
- has
Depositing Assets into a Pool
...We need to translate the text inside and the paragraph.
Let's translate each.
First item:
Depositing Assets into a Pool => "将资产存入池中"
Paragraph:
When you send cryptocurrency to a liquidity pool or staking contract, you are typically exchanging one token for another (e.g., ETH for LP tokens). The IRS treats this as a crypto‑to‑crypto trade, meaning you must recognize any capital gain or loss based on the fair market value (FMV) of the received LP tokens at the moment of deposit versus your cost basis in the deposited assets.
Translate:
当您将加密货币发送到流动性池或质押合约时，您通常是在用一种代币兑换另一种代币（例如，ETH 兑换 LP 代币）。IRS 将此视为 加密货币对加密货币的交易，这意味着您必须根据存入资产的成本基础与所接收 LP 代币在存入时的公平市场价值（FMV）来确认任何资本收益或损失。
Need to keep tags inside.
Second item:
Earning Rewards (Interest, Fees, or Governance Tokens) => "获得奖励（利息、费用或治理代币）"
Paragraph:
Rewards that accrue in your wallet are considered ordinary income at the time they are received. The FMV of the reward tokens on the date they become accessible to you is added to your gross income. If you later sell or swap those reward tokens, any further appreciation or depreciation is treated as a capital gain or loss.
Translate:
钱包中累积的奖励在收到时被视为 普通收入。奖励代币在您可以访问的日期的公平市场价值（FMV）将被计入您的毛收入。如果您后来出售或交换这些奖励代币，任何进一步的增值或贬值将被视为资本收益或损失。
Third item:
Withdrawing or Exiting a Position => "提现或退出头寸"
Paragraph:
Removing your liquidity (or unstaking) usually means swapping LP tokens back for the underlying assets. This is another crypto‑to‑crypto trade, triggering a capital gain or loss calculation based on the FMV of the assets you receive versus your basis in the LP tokens.
Translate:
移除您的流动性（或取消质押）通常意味着将 LP 代币换回底层资产。这是另一次加密货币对加密货币的交易，根据您所接收资产的公平市场价值（FMV）与您在 LP 代币中的成本基础来计算资本收益或损失。
Fourth item:
Compound‑Style Rewards (Re‑invested Automatically) => "复利式奖励（自动再投资）"
Paragraph:
Some protocols automatically compound rewards by reinvesting them into the same pool. Even if you never manually claim the tokens, the IRS may view each automatic reinvestment as a taxable receipt of income followed by an immediate purchase, creating both ordinary income and a new cost basis for the reinvested amount.
Translate:
一些协议通过将奖励自动再投资到同一池中来自动复利。即使您从未手动领取代币，IRS 也可能将每次自动再投资视为先收到应税收入，随后立即购买，从而产生普通收入以及再投资金额的新成本基础。
Now
Record‑Keeping Essentials
Translate: "记录保存要点"
Paragraph:
Accurate records are the foundation of a defensible tax return. For each yield‑farming interaction, capture the following:
Translate:
准确的记录是可防御税务申报的基础。对于每次收益耕作互动，请捕获以下信息：
Then
- list.
- content.
- Date and time (UTC) of every transaction (deposit, reward claim, withdrawal).
- Transaction hash from the blockchain explorer for verification.
- Asset type and quantity involved (e.g., 0.5 ETH, 120 USDC, 100 LP tokens).
- Fair market value of each asset at the moment of the transaction (use a reputable price source like CoinGecko or CoinMarketCap).
- Purpose of the transaction (deposit, reward, withdrawal, swap).
- Gas fees paid (treated as part of the transaction cost basis).
Each
Translate:
日期和时间（UTC）：每笔交易（存入、奖励领取、提现）的日期和时间。
Note we need to keep the trailing spaces? Not necessary.
Second:
Translate:
交易哈希：来自区块链浏览器的哈希，用于验证。
Third:
Translate:
资产类型和数量：涉及的资产类型和数量（例如，0.5 ETH，120 USDC，100 LP 代币）。
Fourth:
Translate:
公平市场价值：每笔交易时每项资产的公平市场价值（使用可信的价格来源，如 CoinGecko 或 CoinMarketCap）。
Fifth:
Translate:
交易目的（存入、奖励、提现、兑换）。
Sixth:
Translate:
已支付的 Gas 费用（视为交易成本基础的一部分）。
Paragraph after list:
Using a dedicated crypto tax software (e.g., CoinTracker, Koinly, TokenTax) that can import wallet addresses or CSV exports from DeFi interfaces will automate much of this work. However, always verify the imported data against your own records, especially for obscure tokens or custom contracts where price feeds may be missing.
Translate:
使用专门的加密税务软件（例如 CoinTracker、Koinly、TokenTax），能够导入钱包地址或从 DeFi 接口导出的 CSV，将大大自动化此工作。不过，请始终将导入的数据与您自己的记录进行核对，尤其是对于不常见的代币或自定义合约，价格馈送可能缺失。
Now
Practical Tax‑Management Strategies
Translate: "实用税务管理策略"
Then
1. Time Your Exits for Favorable Long‑Term Rates
Translate: "
1. 合理安排退出时间以获得有利的长期税率
"Paragraph:
If you hold the underlying assets for more than one year before selling, any appreciation qualifies for the lower long‑term capital gains rate. Consider planning your yield‑farming cycles so that the principal assets you eventually withdraw have met the holding‑period requirement, even if you frequently claim and sell short‑term rewards.
Translate:
如果您在出售前持有底层资产超过一年，任何增值都有资格享受较低的长期资本利得税率。请考虑规划您的收益耕作周期，使您最终提取的本金资产满足持有期要求，即使您经常领取并出售短期奖励。
Next
2. Harvest Losses to Offset Gains
Translate: "
2. 通过收割亏损来抵消收益
"Paragraph:
DeFi markets are volatile; you may end up with LP tokens or reward tokens that have dropped in value. Selling these assets at a loss creates a capital loss that can offset capital gains from other crypto trades or, up to $3,000 per year, ordinary income. Be mindful of the wash‑sale rule (currently not explicitly applied to crypto in the U.S., but subject to change) and consult a tax professional if you plan to repurchase the same token shortly after a loss sale.
Translate:
DeFi 市场波动较大；您可能最终持有价值下降的 LP 代币或奖励代币。以亏损出售这些资产将产生 资本损失，可用于抵消其他加密货币交易的资本收益，或每年最多抵消 3,000 美元的普通收入。请注意洗售规则（目前在美国尚未明确適用于加密货币，但可能会变化），如果您计划在亏损出售后不久重新购买同一代币，请咨询税务专业人士。
Next
3. Separate Reward Income from Principal Growth
Translate: "
3.
We need to output the translated article in markdown format. Since original uses HTML tags, we can keep them as is, but translate the visible text.
Let's go through each section.
Original:
Introduction
Decentralized Finance (DeFi) yield farming has become a popular way for crypto investors to earn passive income by supplying liquidity or staking tokens. While the potential returns can be attractive, the tax implications are often overlooked until tax season arrives. Understanding how the IRS (or your local tax authority) treats each step of yield farming is essential to avoid surprises, penalties, or missed deductions. This guide breaks down the key taxable events, record‑keeping best practices, and actionable strategies to help you stay compliant while optimizing your tax outcome.
But note: after "deductions.guide breaks down..." The original sentence: "This guide breaks down the key taxable events, record‑keeping best practices, and actionable strategies to help you stay compliant while optimizing your tax outcome." So we need to translate.
Let's translate:
介绍
Decentralized Finance (DeFi) 收益耕作已成为加密投资者通过提供流动性或质押代币获得被动收入的流行方式。虽然潜在回报可能很诱人，但税务影响常常在报税季到来之前被忽视。了解 IRS（或您当地的税务机关）如何对待收益耕作的每一步，对于避免意外、罚款或遗漏扣除至关重要。本指南将分解关键的应税事件、记录保存最佳实践以及可操作的策略，帮助您在优化税务结果的同时保持合规。
Need to keep HTML tags.
Now
How Yield Farming Creates Taxable Events
Translate heading: "收益耕作如何产生应税事件"
Then
Yield farming involves several distinct actions, each of which may trigger a taxable event under current guidance:
Translate: "收益耕作涉及几个不同的操作，每个操作在当前指导下都可能触发应税事件："
Then
- list items.
Each
- has