Art Deductions

A new scam aimed at art collectors promises tax deductions and discounted art prices along with special services provided by the dealer. Collectors should beware of aggressive promotions that seem too-good-to-be-true where tax deductions are involved. The IRS has multiple, current investigations involving these high dollar art sales businesses. Read more about claiming donated assets here: Publication 561, Determining the Value of Donated Propertyhttps://www.irs.gov/pub/irs-pdf/p561.pdf#_blank

Form 8283, Noncash Charitable Contribution