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Publication 5392 (Rev. 6-2021). The Art Advisory Panel of the Commissioner of Internal Revenue Annual Summary Report

Publication 5392 (Rev. 6-2021). The Art Advisory Panel of the Commissioner of Internal Revenue Annual Summary Report-2025

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The document is the Annual Summary Report for Fiscal Year 2020 from the IRS Commissioner’s Art Advisory Panel, which provides recommendations on art appraisals submitted by taxpayers for tax purposes. Established in 1968, the Panel advises the Art Appraisal Services unit on the fair market value of artworks valued at $50,000 or more. In FY 2020, the Panel reviewed 43 items with a total claimed value of $57.67 million, recommending adjustments to 72% of these values, resulting in a net increase of approximately $12.37 million. The report outlines the Panel's structure, meeting procedures, and confidentiality measures.

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Click ‘Get Form’ to open it in the editor.
Begin by reviewing the Overview section, which outlines the purpose and function of the Art Advisory Panel. Familiarize yourself with key terms and processes that will aid in understanding the form.
Proceed to fill out your personal information in the designated fields, ensuring accuracy for effective communication regarding your art appraisal.
In the Summary of Panel Recommendations section, input any relevant data regarding your artwork's valuation. This may include claimed values and adjustments as per IRS guidelines.
Review each recommendation carefully, making notes on any discrepancies or additional information you may need to provide for clarity.
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Versions	Form popularity	Fillable & printable
2023	4.6 Satisfied (52 Votes)
2022	4.1 Satisfied (58 Votes)
2021	4.8 Satisfied (46 Votes)
2020	4.4 Satisfied (179 Votes)

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Who is the commissioner of the Internal Revenue Service Department of the Treasury?

Commissioner Scott Bessent | Internal Revenue Service.

What is the loophole for art donations?

What is the art tax loophole? A special rule called the related-use rule applies when donating artwork to charity. In short, the charity must use the artwork as part of its charitable purposes (such as a museum) for you to receive a full tax deduction for your donation.

What is an IRS panel?

The Taxpayer Advocacy Panel, a Federal Advisory Committee to the Internal Revenue Service (IRS), helps to identify tax issues of importance to taxpayers and to provide a taxpayer perspective to the IRS on key programs, products, and services.

What is the art advisory panel for the IRS?

The Art Advisory Panel assists IRS by reviewing and evaluating property appraisals submitted by taxpayers in support of the fair market value claimed in works of art involved in federal income, estate and gift tax cases in accordance with the Internal Revenue Code.

What does the Commissioner of the Internal Revenue do?

Treasury Order 150-10 states in relevant part: The Commissioner of Internal Revenue shall be responsible for the administration and enforcement of the Internal Revenue laws. The commissioner reports to the secretary of the treasury through the deputy secretary of the treasury.

How much does an art appraisal cost?

For collections of artwork, you can estimate that the cost of an appraisal document, after on-site inspection, photography, cataloging, comparative data research and document preparation will be between $200 - $250 per item, depending on the complexity of research required.

What is the Commissioners art Advisory Panel?

Created in 1968, the IRS Commissioners Art Advisory Panel (the Panel) provides advice and makes recommendations to the Art Appraisal Services (AAS) unit in the Independent Office of Appeals for the Internal Revenue Service (IRS).

Publication 5392 (Rev. 6-2021). The Art Advisory Panel of the Commissioner of Internal Revenue Annual Summary Report-2025

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