What all can you itemize on your taxes

what all can you itemize on your taxes


Best Answer: There are many things that can be itemized, too many to list all here. If you don't have a home mortgage, you may still want to itemize if you have one or more of the following:

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There are a huge number of things you can take as deductions if you itemize, but there are drawbacks, too.

On the standard 1040 form, you're allowed to take a standard deduction. The idea is to itemize, and then decide if you do better with the itemization, or the standard deduction.

You use IRS form Schedule A to itemize on; and the stuff you can deduct covers a huge list.

For instance, if you're an over the road truck driver, you can deduct $52 a day for every day you're away from home - for a full time driver, that can be upwards of ten thousand dollars a year. If you're

a nurse, you can deduct the cost of your uniforms, shoes and stethescopes. If you're buying a home, you can deduct the interest you paid on your mortgage. If you rent a safe deposit box at the bank, you can deduct the cost of that rent. If you give money to charity, you can usually deduct that.

I mentioned drawbacks: make sure you have a receipt for every thing you deduct. If you are audited, you'll have to prove every deduction you take.

The list is huge. Head over to http://www.irs.gov and search on itemized deductions to get a better idea.

By the way, if you do decide to itemize, you can amend your tax return on IRS Form 1040X, and may be able to turn an expected $300 refund into a $3000 one. You can amend returns for three years, I believe.

Good luck. - Stuart

Stuart · 8 years ago

Source: answers.yahoo.com

Category: Taxes

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