Itemized Deductions
When Itemizing Is Beneficial
Taxpayers may itemize deductions instead of claiming the standard deduction if allowable deductible expenses exceed the standard deduction amount.
- Qualified medical expenses (subject to AGI limitations).
- State and local taxes (subject to applicable limits).
- Qualified mortgage interest.
- Charitable contributions.
- Certain casualty losses when permitted by law.
Note
Not every personal expense is deductible. Only deductions specifically authorized by the Internal Revenue Code may be claimed.
Summary
Itemizing is beneficial only when total allowable deductions exceed the standard deduction.