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Itemized Deductions

Itemized deductions are specific expenses taxpayers can deduct from adjusted gross income instead of the standard deduction, including state and local taxes, mortgage interest, charitable contributions, and certain medical expenses.

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Exam Tip

SALT cap increased to $40,000 for 2025-2029 under OBBBA. Mortgage interest limited to $750,000. Medical only above 7.5% AGI.

What Are Itemized Deductions?

Itemized deductions allow taxpayers to subtract specific qualifying expenses from their AGI. You itemize when total qualifying expenses exceed the standard deduction.

Major Categories (2025)

CategoryLimits
SALT$40,000 cap ($20,000 MFS)
Mortgage InterestLoans up to $750,000
Charitable ContributionsUp to 60% of AGI (cash)
Medical ExpensesExceeding 7.5% of AGI

2025 SALT Changes (OBBBA)

Provision2025-2029 Rule
Cap Amount$40,000 (was $10,000)
Income Phase-outBegins at $500,000 MAGI

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