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itemized deduction

  1. A legal deduction from one's personal taxable income for money spent on specific goods and services , such as property taxes and charitable contributions. These deductions must be itemized — that is, individually listed and documented — on one's tax return.


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Example Sentences

Certain home improvements made that are medically necessary to care for a person with a disability are potentially tax deductible as an itemized deduction,” said Ray Hough of Graceffo, Hough & Weintraub, an accounting firm in Glen Rock, N.J., such as “constructing entrance or exit ramps for your home, widening doorways at entrances or exits to your home or widening or otherwise modifying hallways and interior doorways.”

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Bronnenkant: Qualified medical expenses are an itemized deduction in excess of 7.5 percent of your adjusted gross income.

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Then, engage in strategy: Look ahead to the next few years of expected income and figure out whether you can pinpoint when taking an itemized deduction would be most advantageous.

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As a result, far fewer families — and, in particular, far fewer middle-class families — are claiming the itemized deduction for mortgage interest.

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Answer: No. Charitable contributions are an itemized deduction.

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