Deductions

Itemized Deductions

Definition

Specific expenses you can deduct from AGI instead of taking the standard deduction. Common itemized deductions include mortgage interest, state and local taxes (SALT, capped at $10,000), charitable contributions, and medical expenses exceeding 7.5% of AGI.

Related Terms & Forms

Standard Deduction

glossary

Schedule A

form

SALT Deduction

glossary

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