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IRS cracks down on inflated art valuations

The IRS is intensifying its efforts to combat tax evasion by targeting inflated art valuations that result in excessive deductions. Improper art write-offs have been added to the IRS's "dirty dozen" list of common scams, reflecting a rise in tax avoidance through art donations. The increased focus on art donations is fueled by the IRS's increased resources from the 2022 tax-and-climate law and coincides with a slowdown in the global art market. Global art sales declined by 4% to $65bn in 2023. The IRS's crackdown aims to ensure accurate valuations and prevent tax fraud.

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