Specific deductible expenses listed on Schedule A, such as mortgage interest and donations.
Itemized deductions are specific expenses you can claim on your tax return (Schedule A) to reduce your taxable income. Common examples include mortgage interest, property taxes, state income taxes (up to $10,000 total in SALT), charitable donations, and medical expenses exceeding 7.5% of adjusted gross income. You claim either itemized deductions or the standard deduction (whichever is larger). The standard deduction for 2024 is $13,850 (single) or $27,700 (married filing jointly); most taxpayers benefit from the standard deduction. Itemizing makes sense if your itemizable expenses exceed the standard deduction. Higher-income earners, homeowners, and those with significant charitable giving or medical expenses are most likely to itemize. Keeping detailed records (receipts, bills, donation letters) is essential if you itemize.