I don't see anything in the instructions that says that. See the instructions for schedule A,
https://www.irs.gov/instructions/i1040sca#en_US_2024_publink10001...
Code 1L indicates a "deemed distribution." That means the loan, or part of it, is being treated as a distribution in addition to being a loan. (In other words, ...
OK, so in trying to answer this question, I ran into some information that my previous answer was wrong. Sorry about that. I need to ask for extra help, and you...
The depreciation applies to the whole property, not the father's "third". What state did the two parents live in? (Is it a community property state?) What about...
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