itemized deduction
- A specific expense subtracted from gross income, which becomes beneficial if the collective sum of these expenses surpasses the universal standard deduction
- Property tax payments and mortgage interest can be claimed as an itemized deduction on an income tax return.
- By adding up her medical bills and mortgage interest, she found that an itemized deduction would offer greater tax savings than a standard deduction.
- If a taxpayer donates to charity, these contributions might be more beneficially listed as an itemized deduction as opposed to the standard one.
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