itemized deduction

Cultural  

1. A legal deduction from one's personal taxable income for money spent on specific goods and services, such as property taxes and charitable contributions. These deductions must be itemized — that is, individually listed and documented — on one's tax return.

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itemized deduction

However, even if you got the vacation home in that manner, the interest may still not offset any of your RMD because eligible mortgage interest is an itemized deduction.

From MarketWatch ● Jun. 30, 2026

For retirees, medical expenses could add up to a big itemized deduction.

From Barron's ● Dec. 5, 2025

Bronnenkant: Qualified medical expenses are an itemized deduction in excess of 7.5 percent of your adjusted gross income.

From Washington Post ● Feb. 8, 2023

As a result, far fewer families — and, in particular, far fewer middle-class families — are claiming the itemized deduction for mortgage interest.

From New York Times ● Aug. 4, 2019

Instead, the bill will retain an itemized deduction for property taxes, the House Ways and Means Committee said late Saturday.

From The Wall Street Journal ● Oct. 29, 2017