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A key issue with all charitable donations is value. The IRS might encounter several problems in the realm of art donations if it sticks with its standard procedures.
There’s an art tax scam circulating, and the IRS says high-income taxpayers are most at risk. The IRS is warning against a tax scam involving frivolous art donation tax deductions, where promoters promise “too good to be true” art values. Unlike some other tax scams that the IRS warns taxpayers about, this art scam specifically targets high-income taxpayers. The warning comes as the IRS ramps up enforcement on high-income earners including millionaires and “tax cheats.” IRS audits of questionabl