Congress addressed appraisal-related noncompliance in the Pension Protection Act of 2006 and the Tax Technical Corrections Act of 2007. The PPA lowered the thresholds on when the IRS should consider ...

IRS warns that art promoters' tax promises paint with too broad a brush . By Staff report October 12, ... READ MORE: IRS details tax credits for building energy-efficient homes.

There’s an art tax scam circulating, and the IRS says high-income taxpayers are most at risk. Kiplinger. Save up to 74%. Subscribe to Kiplinger.

The Art Advisory Panel assists the IRS by reviewing and evaluating appraisals submitted in support of the fair market value claimed for works of art involved in income, estate and gift tax cases. All ...

The Baltimore Art, Antique & Jewelry Show in late August had the air of a flea market that had gone to finishing school. Sure, there were down-home items like a $75 glossy photo of George Jones ...

On 10/5/23, the IRS issued a warning and offered tips to all taxpayers, including, High-Net-Worth taxpayers (high income filers) to be on the lookout for promotions that promise art donation ...

If the donated art is valued at $20,000 or more, Form 8283 requires attaching the appraisal to the tax return. An appraisal summary must be included for property valued above $5,000.

More recently, Cambridge, New York, painter and Hunter College art professor Susan Crile successfully challenged an IRS auditor’s rejection of her claimed deductions on her tax returns for art ...

When a tax return selected for audit includes an appraisal of a single work of art or cultural property valued at $50,000 or more, the IRS examining agent or appeals officer must refer the case to ...

An art law specialist describes how a small IRS rule tweak could pave the way for bigger tax breaks for art collectors. A small change may have big tax benefits.

Under current law, the long-term federal capital gains tax rate for most assets is 20% plus a 3.8% Net Investment Income Tax (NIIT) on high-income filers. But gains on art and other collectibles ...