What are some common itemized deductions?


Quick Answer

Common itemized deductions for federal tax filings include medical expenses, mortgage interest, charitable contributions and property taxes, according to TaxACT. Taxpayers who itemize their deductions also can deduct local and state income taxes, car-registration fees, and points paid while financing a mortgage, notes U.S. News & World Report.

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Full Answer

The Internal Revenue Service states that deductible charitable contributions include donations of cash and goods. Taxpayers who receive benefits for their contribution, such as tickets to an event, must subtract the market value of the tickets when listing the contribution, according to the IRS. The IRS allows most taxpayers to itemize their deductions or take the standard deduction, whichever is higher, explains TaxACT.

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