Itemized Deduction
Specific eligible expenses — like mortgage interest, state taxes and charitable gifts — subtracted from income instead of the standard deduction.
What does itemized deduction mean?
You itemize only when your eligible expenses exceed the standard deduction. Common items include mortgage interest, property and state taxes (capped), and charitable donations.
Put it to use
Mortgage Tax Savings Calculator Interest and points paid for a home mortgage are tax deductible. Use this calculator to determine how much your mortgage could save you in income taxes. Charitable Giving Tax Savings Calculator Use this calculator to determine your potential tax savings with a tax deductible gift to charity. This calculator sorts through the tax brackets and filing options to estimate the actual tax savings of your charitable gift.
Related terms
All glossary terms