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Publication 5497, Photographic Requirements for Art, Antiques, Decorative Arts & Other Cultural Properties Reviewed by Art Appraisal Services and The Commissioner's Art Advisory Panel - The Office of Art Appraisal Services (AAS) and the Commissioner’s Art Advisory Panel determine the fair market value of thousands of fine and decorative art objects and other cultural properties based on photographic images and appraisals provided by the taxpayer.

IRS refers taxpayer cases selected for audit that contain artwork to Appeals Art Appraisal Services for review by the Commissioner's Art Advisory Panel.

May 27, 2022 — Today, Palm Beach art dealer Daniel Elie Bouaziz made his initial appearance before a federal magistrate judge in West Palm Beach to face charges of mail fraud, wire fraud, and money laundering in connection with his alleged scheme to sell forged high-end artwork.

Format instructions for referring artworks appraised above $50,000.

February 21, 2023 — Palm Beach art dealer Daniel Elie Bouaziz pled guilty today to laundering money derived from his scheme to sell counterfeit artwork.

May 30, 2023 — Palm Beach art dealer Daniel Elie Bouaziz was sentenced today to 27 months in federal prison, followed by three years of supervised release, for laundering money derived from his scheme to sell counterfeit artwork. U.S. District Judge Aileen M. Cannon also ordered Bouaziz to pay a $15,000 fine. The restitution hearing is set for August 16.

Publication 5392, The Art Advisory Panel of the Commissioner of Internal Revenue Annual Summary Report - The IRS Commissioner’s Art Advisory Panel (the Panel) provides advice and makes recommendations to the Art Appraisal Services unit in the Independent Office of Appeals for the Internal Revenue Service. Chartered under the Federal Advisory Committee Act, the Panel assists by providing value recommendations regarding the acceptability of tangible personal property appraisals taxpayers submit to support the fair market value claimed on the wide range of works of art involved in income, estate, and gift tax returns.

IR-2023-185, Oct. 5, 2023 — The Internal Revenue Service today warned taxpayers to watch for promotions involving exaggerated art donation deductions that can target high-income filers and offered special tips for people to use to avoid getting caught in a scheme.

IR-2024-104, April 10, 2024 — As part of the Dirty Dozen campaign, the Internal Revenue Service warned wealthy individuals about three tax traps designed for them by dishonest promoters and shady tax practitioners.

Schedule D (Form 990), Supplemental Financial Statements, is used by an organization that files Form 990 to provide the required reporting for donor advised funds, conservation easements, certain art and museum collections, escrow or custodial accounts or arrangements, endowment funds, and supplemental financial information.