Itemized deduction
Individual deductions that can be claimed instead of the standard deduction, including mortgage interest, state taxes, and charitable contributions.
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Related Terms
Standard deduction
A fixed dollar amount that reduces taxable income, available...
SALT (State and Local Taxes)
State and local income taxes, sales taxes, and property taxe...
Mortgage interest deduction
A tax provision allowing homeowners to deduct mortgage inter...
Charitable contribution deduction
An itemized deduction for donations to qualified nonprofit o...