Taxpayers were warned to be on guard for scams promoting exaggerated art donation deductions that can target high-income filers, the IRS announced Oct. 5. Red flags to watch for include: 1) buying multiple works by the same artist that have little or no market value outside what the promoter might be advertising; and 2) promoters lining up specific appraisers for taxpayers to use. The IRS reminds taxpayers, including high-income filers that may be targets of such schemes, to watch out for aggressive promotions. [IR-2023-185 (Oct. 5, 2023)]
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