Art Appraisal Services |
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Art Advisory Panel
The Panel assists IRS by reviewing and evaluation property appraisals submitted by taxpayers in support of the fair market value claimed in works of art involved in Federal income, estate and gift tax cases in accordance with the Internal Revenue Code. The Panel members, 25 renowned art experts serve without compensation.
Referral to the Art Advisory Panel
All taxpayer cases selected for audit which contain artwork with a claimed value of $20,000 or more per item must be referred to Art Appraisal Services for review by the Commissioner's Art Advisory Panel (See IRM 4.48.2 and IRM 8.18.1.3). Please review the photographic requirements for referrals.
For general inquiries, contact Karen Carolan at 202-435-5609.
Internal Revenue Service/Appeals
1099 14th Street, N.W.
Suite 4200E
Washington, DC 20005
ATT: ART
Annual Summary Report
The Annual Summary Report describes the closed meeting activity of the Commissioner's Art Advisory Panel for the most recent year. The report discusses the procedures of the Art Panel, provides a list of Panelists and summarizes the art items reviewed during this year by the Panel broken down by estate and charitable contribution.
Publications
- Publication 526, Charitable Contributions.
- Publication 561, Determining the Value of Donated Property. Designed to help donors and appraisers determine the value of property that is given to qualified organizations. It includes the kind of information you must have to support your decision.
Forms
- Form 8283, Noncash Charitable Contributions. The necessary form filed with the taxpayer's return.
- Form 8282, Donee Information Return. Form filed by donee upon sale of property.
Revenue Procedures
Revenue Procedure 96-15 provides procedures for taxpayers to request a "fast track" review of art valuations for income, estate, and gift returns. Taxpayers may obtain from a Statement of Value from the Service for an advance review of art valuation claims prior to filing the return. The Statement of Value may then be used in completing the taxpayers return.
The procedure generally applies to an item of art that has been appraised at $50,000 or more. The appraisal submitted must meet specific substantiation requirements. A user fee is charged for each request.
Requests for Statement of Value
Internal Revenue Service
Attention: Art Appraisal (C:AP:ART)
P.O. Box 27720
McPherson Station
Washington, DC 20038
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Page Last Reviewed or Updated: April 01, 2008