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Tax Glossary: Itemized Deductions

Posted by McDonald & Osborne Posted on Oct 12 2015

Itemized Deductions : Certain deductions that may be taken instead of the standard deduction. The following are itemized deductions listed on Schedule A of Form 1040: medical expenses, charitable contributions, state and local taxes, home mortgage interest, real estate taxes, casualty losses, unreimbursed employee expenses, investment expenses and others.