Itemized Deductions
Itemized deductions are specific expenses — mortgage interest, state and local taxes (capped at $10,000), charitable gifts, big medical bills — that you can subtract from taxable income instead of taking the standard deduction. You choose whichever is larger.
Since the standard deduction nearly doubled in 2018, most households now take it and skip itemizing. Itemizing pays off mainly for homeowners with sizable mortgage interest and property taxes, or people with large charitable or medical expenses.