June 26, 2008

IRS Committee Says Donors Exaggerate Value of Artwork

By Grant Williams

The IRS has recalculated the value of hundreds of pieces of artwork donated to charities or left to heirs.

As it has in the past, the tax agency's Art Advisory Panel found that many people exaggerated the value of paintings and other items contributed to charities and placed too small a value on objects left to heirs. Each year, a committee of art experts meets to review appraisals submitted by people the IRS is auditing. The committee steps in when a taxpayer says a work is worth at

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