The Internal Revenue Service (IRS) Art Appraisal Services (AAS) is a team of professionally trained Appraisers who provide advice and assistance to the IRS and taxpayers on valuation questions arising in connection with personal property and works of art.

Oct 5, 2023 · The IRS is using a variety of compliance tools to combat abusive art donations through audits of tax returns and civil penalty investigations. The IRS reminds taxpayers, including high-income filers that may be targets of these schemes, to watch out for aggressive promotions.

Art and Collectibles. Your income tax charitable contribution donation of art and collectibles, for which you claim a deduction of more than $5,000 must be supported by a qualified appraisal and a Form 8283. See Qualified Appraisal, later.

Apr 24, 2023 · Currently, the capital gains on artwork is 31.8% (28% plus 3.8% for the Investment tax) rather than the current maximum for the sale of real estate, stocks and bonds which is 23.8% (20%, plus...

Created in 1968, the IRS Commissioner’s Art Advisory Panel (the Panel) provides advice and makes recommendations to the Art Appraisal Services (AAS) unit in the Independent Office of Appeals for the Internal Revenue Service (IRS).

Apr 10, 2024 · There are ways for taxpayers to properly claim donations of art. But some unscrupulous promoters use direct solicitation to promise values of art that are too good to be true. These promoters encourage taxpayers to buy various types of art, often at a …

Nov 1, 2019 · Due to the higher tax rate on gains from the sale of collectibles, practitioners and taxpayers should consider a number of strategies that can reduce the amount of collectibles gains, including structuring a sale of a collectible to recognize gain over multiple years.

Feb 11, 2025 · Both artists and art collectors need to know the rules set by Congress and the IRS to get the maximum benefits and stay out of trouble.

Dec 14, 2024 · The IRS closely scrutinizes art donations due to their potential for high tax deductions. A comprehensive Form 8283, Noncash Charitable Contributions, is mandatory for donors claiming a deduction of more than $500.

Feb 6, 2025 · Access IRS forms, instructions and publications in electronic and print media.