itemized deduction

Definition
An incurred expense which reduces an individual's taxable income, in accordance with IRS regulations (specifically, such deductions are usually limited to 2% of adjusted gross income). Examples include mortgage interest, state and local taxes, charitable gifts, and medical deductions.




itemized deduction is ...
... part of the
Taxes subject.


Related Terms

married filing separately -  More
Alternative Minimum Tax -  More
AMT -  More
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