Wealthy individuals can be tempting targets for dishonest promoters pushing a variety of aggressive strategies designed to reduce taxes. The IRS is warning that these schemes can take different forms, including inflated art donation deductions, aggressive charitable remainder annuity trusts and detailed tax shelters that purport to delay paying gains on property. For example, one scheme involves buying art at discounted prices and then donating it after at least one year. Promoters instruct the taxpayer to claim a deduction for an inflated value. That value is substantially more than the original purchase price. For more details on this and other illegal tax schemes: https://bit.ly/4alPJGp
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