Itemized Deductions

Taxpayers may itemize deductions or take the standard deduction. The standard deduction amounts for 2012 were as follows: $5,950 for single persons, $8,7000 for heads of household, $11,900 for married filing jointly or qualifying widower, and $5,950 for married filing separately. Taxpayers 65 and older or blind are entitled to an additional standard deduction of $1,150.

In itemizing deductions, the following are major items that may be deducted in 2012: state, local, and foreign income, and property taxes, charitable contributions, employee moving expenses, medical savings accounts, casualty losses, mortgage interest, and miscellaneous deductions.

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Related content from HighBeam Research on: Itemized Deductions

Selected itemized deductions, Schedule A, 1990-2001. (Statistics of Income. SOI Bulletin)

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FTC for individuals: treatment of 3% phaseout of itemized deductions. (Brief Article) (The Tax Adviser)

Table 3. Returns with itemized deductions: itemized deductions, by type and by size of adjusted gross income, tax year 2005.(Individual Income Tax Returns, 2005) (Statistics of Income. SOI Bulletin)

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Selected itemized deductions, schedule a, 1990-2001.(This Issue at a Glance)(Brief Article) (Statistics of Income. SOI Bulletin)

Treatment of legal fees incurred by individuals: depending on the claim that generated them, individuals' legal fees may be characterized in a variety of ways, from fully deductible to deductible only as a miscellaneous itemized deduction to totally nondeductible. This article explains the possible tax treatments, outlines how to determine the proper treatment, and highlights recent judicial and legislative developments. (The Tax Adviser)

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