Itemized deductions

RECENT NEWS
Forbes  Jan 30  Comment 
You are one of the high-income taxpayers who will lose a portion of your itemized deductions in 2013.
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...
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...
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.
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...
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...
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.
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...




 

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



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