1098 Mortgage Interest Statement1098 Mortgage Interest Statement
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DependentDependent
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Itemized DeductionItemized Deduction
Standard DeductionStandard Deduction
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Itemized Deduction

Definition

Specific expenses you can subtract from your taxable income, such as mortgage interest or charitable donations, instead of using the standard deduction.

What to consider

  • Keep organized records of expenses that can reduce your taxable income.
  • Decide if itemizing offers a better benefit than the standard deduction.
  • Review your receipts and documents to ensure accuracy.

Real world scenarios

  • When preparing her tax return, Emily opted for itemized deductions such as mortgage interest and charitable contributions to lower her taxable income.

Related terms

Earned Income Tax Credit (EITC)
Dependent
Tax Shelter
W 9 Form
Capital Loss

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