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Category: Finding Deductions

Itemized Deductions - An Overview

Examples of Itemized Deductions:


Medical and Dental Expenses
The medical and dental deductions include medical and dental insurance, amounts paid to doctors/dentists, prescriptions, X-Rays, lab work, nursing help (not for healthy baby or housework), hospital care (including meals and lodging), Alcohol/Drug rehabilitation, medical aids (hearing aids, crutches, wheelchairs, etc), and medical mileage.


Taxes That You Paid
Deductible taxes that you paid include State and Local Sales Tax Paid, Prior Year 4th Quarter Estimates paid after 12/31, Real Estate Taxes (Non-Business Property), Personal Property (ex: Car Registration). State and local income taxes are also deductible. If these are listed on your W-2, they will automatically be pulled to your itemized deductions.


Interest That You Paid
Interest that you paid includes mortgage interest reported on Form 1098 and other deductible interest and points not reported on Form 1098.


Gifts To Charity (Form 8283)
Gifts to charity include both cash and non-cash gifts. If you donated money or property to a qualifying charitable organization, or if you used your personal vehicle for "charitable mileage", you generally can deduct these as itemized deductions. However, the IRS will not allow the return to be e-filed if a single non-cash item exceeds $5,000.


Casualty and Theft Loss (Form 4684)
This loss deduction includes both personal and business properties. You can deduct losses from fire, storm, shipwreck, or other casualty or theft (for example, larceny, embezzlement, and robbery). For more information on this credit please Click here.


Unreimbursed Employee Business Expense and Form 2106
Common employee business expenses include union or professional dues, job search expenses, uniforms, small tools used in work, and other job supplies. Also, if you travelled for your job and were not reimbursed for expenses such as tolls, parking, taxis, certain business meals or entertainment, or the use of your vehicle, you can sometimes deduct these on Form 2106. The IRS does not allow you to deduct regular commuting mileage, though. For more information about these deductions, Click here.


Miscellaneous Deductions
Miscellaneous deductions include expenses for items such as tax return preparation, safe deposit box rental, investment fees, gambling losses (you can only deduct losses up to the amount of the total winnings that you report as income), impairment-related work expenses, and unrecovered investment in a pension.


The TaxSlayer system will automatically take the higher of the itemized or the standard deduction, unless otherwise adjusted in the system.


For more information regarding Itemized Deductions, please Click here