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What is Deductible if I Itemize

Choosing to itemize your expenses on Schedule A instead of taking the standard deduction provides you with an opportunity to claim deductions for a wide range of expenses. Although not an exhaustive list, these include the interest and tax payments that relate to your home, charitable donations, medical expenses, and even your state income tax bill. However, just because you itemize doesn’t mean that you automatically qualify to claim every deduction.

Mortgage Interest Deduction

Your mortgage interest is deductible if your lender has a security interest in the home you purchase or construct with the loan funds, meaning it has an ownership interest that allows it to foreclose in the event your default on repayment. In addition, you can only claim the interest for mortgages on qualified homes. The IRS always treats your principal residence as a qualified home and allows you to choose one additional home provided you use it for personal purposes. However, only the interest that accrues on a maximum of $1 million in combined mortgage balances is eligible for the deduction.

Charitable Contribution Deduction

Making a donation of cash or property to a tax-exempt organization allows you to claim a deduction for it on Schedule A. Your deduction is equal to the cash you donate plus the fair market value of your property donations. For example, if you donate a bag of used clothing to your local Salvation Army, your deduction for that donation is equal to the price that thrift stores in your area charge for comparable articles of clothing. However, it’s important to make reasonable estimations of your donation values since the IRS imposes penalties on taxpayers who report inaccurate values that are 150 percent or more of their actual value.

Medical Expenses Tax Deduction

You can include the out-of-pocket expenses you incur to obtain medical care, diagnostic exams, prescription medications and all other legitimate medical expenses. However, if the medical service you receive is holistic in nature, it’s best to consult IRS Publication 502 to insure it’s deductible. Oddly, the IRS doesn’t allow you to include the cost of massages on your Schedule A, but it does allow it for acupuncture treatments. One drawback to the medical expense deduction is that you generally need to accumulate a substantial amount of expenses to deduct some of it. This is because the IRS requires you to reduce your total medical expense deduction by 7.5 percent of your adjusted gross income.

State & Local Taxes

As long as you are the taxpayer who is legally responsible for its payment, the IRS allows you to include the local property tax payments you make on your home. And if your state imposes an income tax, you can claim a deduction for those payments as well. However, if you claim a deduction for state income taxes, you cannot claim an additional deduction for the state sales taxes you pay. You must always choose between the two, but you can estimate both and claim whichever one provides you with the larger deduction.

IRS Reference: Instructions for Schedule A