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Itemized Deductions 2020

  • Home mortgage interest up to $750,000 Acquisition Debt taken after 12/14/17

  • SALT-  state and local taxes including real estate limited to $10,000

  • Charitable contributions up to 60% of AGI

  • Unreimbersed medical & dental deduction in excess of 7.5% of AGI

  • Casualty losses in excess of 10% of AGI, only when attributable to a federally declared disaster subject to limitations.

Each year a taxpayer can compare to see whether the standard deduction or itemizing deductions will benefit them the most.

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