Send us Feedback

Itemized deductions

RECENT NEWS
If The New Limitation On Itemized Deductions Has You Planning To Reduce Your Charitable Contributions, You're Making A Mistake
Forbes  Jan 30  Comment 
You are one of the high-income taxpayers who will lose a portion of your itemized deductions in 2013.
Pease Limitation Puts A Lid On Itemized Deductions For Wealthy Folks
Forbes  Jan 9  Comment 
One of the impacts from the fiscal cliff legislation to be felt by high-income earners is the reintroduction of the Pease limitation, reduces the amount of itemized deductions that certain taxpayers are allowed.  While the American Taxpayer...
Capping Itemized Deductions IS Housing Policy
Forbes  Oct 18  Comment 
Trulia’s Chief Economist discusses why a low cap on itemized deductions would reduce homeownership benefits for the middle class. That's because housing-related tax deductions, including home mortgage interest and real estate taxes, account for...
Capping Itemized Deductions Alone Won't Keep The Budget Deficit Down
Forbes  Oct 18  Comment 
How Much Revenue Would a $25,000 Cap on Itemized Deductions Raise?
Forbes  Oct 18  Comment 
I spent the better part of last night recreating the Lt. Frank Drebin pillow gag with my 3-year old boy.
No, Gov. Romney, Capping Itemized Deductions Won't Cover Cost Of Your Tax Cut Plan
Forbes  Oct 17  Comment 
In last night’s debate, Mitt Romney repeated the idea that he could pay for much or all of the 20 percent rate reduction and other tax cuts in his tax plan by capping itemized deductions at $25,000. He had previously suggested a $17,000 cap in...
Itemized Deductions Worth Only 15%?
Forbes  Apr 14  Comment 
In President Barack Obama’s tax hike/deficit reduction speech yesterday he restated one of his 2012 budget ideas: limiting itemized deductions for the wealthiest Americans by $320 billion over the next decade. Under this proposal, deductions...
IRS Delays Filing Season for Taxpayers With Itemized Deductions
BusinessWeek  Dec 23  Comment 
U.S. taxpayers who itemize their deductions will have to wait until middle to late February 2011 to file their 2010 tax returns, the Internal Revenue Service said.
Run the Numbers on Itemized Deductions
TheStreet.com  Nov 17  Comment 
Itemized deductions seem to be a simple enough concept. The government decides which personal expenditures of taxpayers deserve a tax break, with the taxpayers' benefit, in theory, based on their tax rate. Unfortunately, as with most rules in our...




more ▼WIKI ANALYSIS
This article is part of WikiProject Definitions. Consider editing to improve it. View articles referencing this definition.
 

When filing federal tax returns in the United States, the filer has the option of taking a standard deduction of x or itemizing his or her deductions. The latter entails choosing from t a list of specific deductions recognized by the United State government. This list includes, but is not limted to the following:

  • Mortgage interest from a primary residence
  • Mortgage Interest and other operating expenses associated with a rental property.
  • Charitable contributions to non-profit organizations
  • Sales Tax or State Income Tax paid
  • Medical Expenses that exceed 7.5% of a filer's adjusted gross income



Retrieved from "http://www.wikinvest.com/wiki/Itemized_deductions"
Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki