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How Do I Know If It Makes Sense to Itemize?

May 26, 2014

Start by looking at your largest expenses that qualify as itemized tax deductions — for most people that’s mortgage interest, property taxes and state taxes. If they together come close to the standard deduction for your situation, odds are that it makes sense to itemize after you account for all the other breaks, notes Lisa Greene-Lewis, a CPA at TurboTax.

Among taxpayers who do itemize, the numbers are pretty substantial. In 2011, the most recent data, taxpayers who itemized had a total of $25,000 in itemized deductions, according to CCH.

Read next: What Is the Difference Between a Tax Deduction and a Tax Credit?

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