Itemized Deductions
Specific expenses such as state and local taxes, mortgage interest, and charitable contributions that taxpayers may deduct if their total exceeds the standard deduction. Since 2018, approximately 90% of filers take the standard deduction instead.
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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...
Below-the-Line Deductions
Itemized deductions that are subtracted from AGI to arrive a...
Mortgage interest deduction
A tax provision allowing homeowners to deduct mortgage inter...
SALT
State and local taxes, including income taxes, sales taxes, ...