IRS Guidance: Donation Appraisals for Artwork Exceeding $20K or $50K FMV
(by David Maloney, updated March 2011) Taxpayers and appraisers often refer to IRS Pub 561 Determining the Value of Donated Property in order to ascertain what constitutes a qualified appraisal, i.e., what IRS-required elements of information must be contained in appraisals of property being donated for which a deduction in excess of $5,000 is being claimed by the taxpayer.
But in addition to Pub 561, the IRS Office of Art Appraisal Services (AAS) has issued additional amplifying guidance regarding the appraisal of donated works of art which are valued at over $20,000 or $50K.
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