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

For instance, the revamped $40,000 deduction for state and local taxes is an itemized deduction.

From MarketWatch ● Jan. 20, 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

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

Should an individual take the standard deduction if they are eligible and would pay less tax taking the itemized deduction?

From New York Times ● Oct. 31, 2016

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