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itemized deduction |
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Itemized deduction Specific deductions allowed by the IRS outlined in the tax return.
Itemized Deduction A deduction from one's taxable income as the result of a specific expense the taxpayer has had over the course of the tax year. Most medical expenses, for example, may be deducted from one's taxable income. The same is the case for interest on mortgages and business expenses. The IRS allows itemized deductions as an alternative to the standard deduction, which takes a flat amount out of one's taxable income. Itemized deductions are subject to certain restrictions; for example, some expenses must exceed a certain percentage of the adjusted gross income to be deductible. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Outside of the two-year window, the taxpayer must take a taxable distribution from the IRA and report the income; a donation is reported as an itemized deduction subject first to the charitable deduction limits, then to the itemized deduction phaseout. For claims in this category a litigant is subject to the ruling in Banks, which requires the total proceeds be included in income and the legal fees deducted as a miscellaneous itemized deduction under section 212 as an expense incurred to produce income. 170(b)(1)(A), an individual's annual itemized deduction for cash contributions to public charities cannot exceed 50 percent of the individual's contribution base (adjusted gross income, without any net operating loss carryback). |
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