What is an "itemized deduction"?

What is an "itemized deduction"?

Steve Duben, CPA (Partner, Duben & Natividad) gives expert video advice on: What is a "deduction"?; What is a "standard deduction" and how much is it?; What is an "itemized deduction"? and more...

Itemized deductions are those items that you claim on your tax return on Schedule A. It's medical expenses up to a seven and a half percent limit built into the figure that will be calculated when you're completing your tax return; another itemised deduction is interest on real estate and on taxes, all taxes that you pay - including real estate taxes and motor vehicle taxes. Itemised deductions are contributions to charity and interest on your home mortgage - all of those items are tagged and considered itemized deductions.