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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Example Sentences

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

From MarketWatch

One reason to do this in 2025: Starting in 2026, the amount of charity that’s eligible for an itemized deduction will shrink.

From MarketWatch

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

From Barron's

Certain home improvements made that are medically necessary to care for a person with a disability are potentially tax deductible as an itemized deduction,” said Ray Hough of Graceffo, Hough & Weintraub, an accounting firm in Glen Rock, N.J., such as “constructing entrance or exit ramps for your home, widening doorways at entrances or exits to your home or widening or otherwise modifying hallways and interior doorways.”

From Seattle Times

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

From Washington Post