Can I Itemize Deductions?

Although the practice is much less common than it used to be, taxpayers can still benefit in some cases by itemizing deductions rather than take the standard deduction. This video is a rundown of the basics of what can be itemized

2023 UPDATE:

Standard Deductions for 2022:
Single: $13,850; Married Filing Jointly/Qualifying Surviving Spouse: $27,700 Married Filing Separately: $0 (or $13,850 if spouse doesn't itemize) Head of Household: $20,800.

As of 2022, mortgage insurance premiums are no longer deductible.

The State and Local Tax Deduction is limited to $5,000 for married people filing separately.

Are you curious as to what you can claim for a medical deduction? Click here:    • 5 Medical Deductions (you didn't know...  

For more information on deducting state and local taxes, click here:    • All about SALT - Deducting State and ...  

To learn more about deductions for charitable contributions, click here    • Deducting Charitable Contributions  :

Additional information and resources:

IRS Schedule A: "Itemized Deductions": https://www.irs.gov/pub/irs-pdf/f1040...

IRS Form 8283: "Non-cash Charitable Deductions": https://www.irs.gov/pub/irs-pdf/f8283...

For a more detailed view of Itemized Deductions, click here: https://www.irs.gov/pub/irs-pdf/i1040...

For more information on the Standard Deduction, click here:    • What is my Standard Deduction?  

For more information on the tax implications of home ownership, click here: https://www.investopedia/mortgages-re...

The Tax Geek on The Site Formerly Known as Twitter: @taxgeekusa

The Tax Geek on Reddit: www.reddit.com/r/askataxgeek

Intro and background music: “Bluesy Vibes” - Doug Maxwell - YouTube Audio Library

DISCLAIMER:

The information presented in this video is for informational and educational purposes only, and is not intended to render tax advice for specific situations. If you have questions about your specific tax situation, please consult the resources linked above or consult with a qualified tax professional in your community.

The information contained in this video is based on tax law and IRS regulations as of the date of publication, and may be subject to change.