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Itemize deductions if it is of advantage (1 viewing)
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TOPIC: Itemize deductions if it is of advantage
#25
JPThomas (User)
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Itemize or Not Is the question? 2006/08/10 08:37 Karma: 0  
Straight answer is do it, if you can.

You should itemize deductions, if your allowable itemized deductions are more than your standard deduction.

Some taxpayers do not qualify for standard deduction and their only option is to itemize deductions. They include nonresident aliens, and dual–status aliens, and individuals who file returns for periods of less than 12 months. They may be able to change their residence status for tax purposes and get a higher refund. Check with Tax professional experienced with Non-Resident tax filing.

When a married couple files separate returns and one spouse itemizes deductions, the other spouse must also itemize deductions.
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#26
JeffGold (User)
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Itemize deductions if it is of advantage 2006/09/27 10:55 Karma: 0  
For those who benefit definitly will itemize their deductions. Why should one for standard deduction when they can get a higher refund by itemize their deductions.
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