What Can Be Itemized on Federal Taxes?
- To itemize deductions, taxpayers must use the 1040 long form and Schedules A and B.
- Some examples of itemized deductions include charitable contributions, certain taxes such as real estate taxes, casualty and theft losses not covered by regular insurance, mortgage points paid if you purchased a home, mortgage interest and educational expenses.
- Save all receipts and invoices for medical and dental procedures. Charges not covered by insurance and travel expenses for treatment might be deductible, if they amount to more than 2 percent of your adjusted gross income.
- A number of business deductions can be taken for a designated sole proprietorship. A full list of the allowed deductions can be found on Schedule C, which is added to the 1040 form. Some of the deductible items include business travel, utilities and part of the home mortgage.
- Tax codes and laws can change every year. If you choose to itemize your deductions, review the current tax laws since the requirements for some deductions might have changed.