itemized deduction

Definition of "itemized deduction"
  1. A specific expense subtracted from gross income, which becomes beneficial if the collective sum of these expenses surpasses the universal standard deduction
How to use "itemized deduction" in a sentence
  1. Property tax payments and mortgage interest can be claimed as an itemized deduction on an income tax return.
  2. By adding up her medical bills and mortgage interest, she found that an itemized deduction would offer greater tax savings than a standard deduction.
  3. 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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