BobKamman
Level 15
07-13-2020
07:01 AM
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The deduction, to the extent it is allowed, is just another itemized deduction. You claim either the total itemized deductions on Schedule A, or the standard deduction. You don't get both. How much is their AGI? If it's less than $83,333 the $25,000 may be limited this year.
Don't forget to attach the appraisal to the return.