Sentences with phrase «typically itemize tax deductions»

A taxpayer will also typically itemize tax deductions if it offers them more benefits than the standard deduction (i.e., when the total amount of qualified deductible expenses is greater than the standard deduction).

A taxpayer will also typically itemize tax deductions if it offers them more benefits than the standard deduction (i.e., when the total amount of qualified deductible expenses is greater than the standard deduction).

Not exact matches

That difference results largely from three factors: compared with lower - income homeowners, those with higher incomes face higher marginal tax rates, typically pay more mortgage interest and property tax, and are more likely to itemize deductions on their tax returns.

«For many taxpayers, owning a home is what unlocks itemization because the largest itemized deductions are typically mortgage interest and real estate taxes.»

When our property tax is thrown into the deduction pool, we typically have enough other deductions that it is worthwhile to itemize.

For example, under pre-2018 laws, a 70 - year - old retired couple who pay $ 10,000 in state income tax, $ 5,000 in property taxes and $ 10,000 in charitable gifts would typically itemize their deductions, because they total $ 25,000 vs. their $ 15,200 standard deduction ($ 12,700 plus $ 1,250 over age 65 per person additional deduction).