Can I Itemize Deductions?

Описание: 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

2025 UPDATE:

Standard Deductions for 2024 (non-dependent taxpayers under age 65):
Single: $15,750; Married Filing Jointly/Qualifying Surviving Spouse: $31,500; Married Filing Separately: $0 (or $15,750 if other spouse doesn't itemize). Head of Household: $23,625.

Under the OBBBA, the maximum state and local tax deduction has been increased to $40,000 per return ($20,000 if married filing separately)

As of 2022, mortgage insurance premiums are no longer deductible, however, starting in 2026, they will once again be deductible.

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

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

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...

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.