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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
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I want to know more. Is this enough to itemize year? The

Customer Question

I want to know more. Is this enough to itemize for this year? The site keeps leading me in circles. Can't respond again.
Submitted: 5 months ago.
Category: Tax
Expert:  Lev replied 5 months ago.

Hi Ron and welcome to our site!

I assume that under "enough to itemize" you actually meant - if your itemize deductions are MORE than standard deduction - correct?
If you are Single - the standard deduction in 2016 will be $6300

So - you need to list all amounts you will itemize - and we will be able to compare.

Expert:  Lev replied 5 months ago.

There are two ways you can take deductions: you can itemize deductions or use the standard deduction. Deductions reduce the amount of your taxable income.

The standard deduction amount varies depending on your income, age, and filing status, and changes each year; see Topic 551 for more information.

You should itemize deductions if your allowable itemized deductions are greater than your standard deduction or if you must itemize deductions because you cannot use the standard deduction.

You may be able to reduce your tax by itemizing deductions on Form 1040, Schedule A, Itemized Deductions. Itemized deductions include amounts you paid for state and local income or sales taxes, real estate taxes, personal property taxes, mortgage interest, and disaster losses. You may also include gifts to charity and part of the amount you paid for medical and dental expenses. You would usually benefit by itemizing, if you:

See also here

https://www.irs.gov/taxtopics/tc551.html

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