Is the IRS really here to help us and our clients? I think they are, but they still have other responsibilities.

As trained and tested appraisers, we create reports that the IRS will rely upon in order to detmerine if an estate has been appropriately valued, or if that donation truly has that much of a fair market vlaue.

Check out: It is the place to learn more about IRS support and the requirements of an IRS-compliant report.

Here’s a snippet:
“All taxpayer cases selected for examination that include an item of art with a claimed value of $50,000 or more must be referred to Art Appraisal Services for possible review by the Commissioner’s Art Advisory Panel (See IRM 4.48.2 and IRM Please review the photographic requirements for referrals, and also our preferred individual appraisal item format (PDF) for works of art valued at over $50,000.”