10 Best 'Itemized' Tax Deductions

When it comes to doing our taxes, many of us face this crucial dilemma: to itemize or not itemize. Should we take the standard deduction or try to maximize the itemized deductions? So in the spirit of itemization, in this video, I will review the top 10 “itemized” deductions you should be aware of.

Timecodes:

0:00 - Intro
0:25 - Tax Deduction 101
2:33 - State & Local Income Taxes
4:06 - Real Estate Tax
4:46 - Personal Property Tax
5:53 - Mortgage Interest
6:25 - Home-Equity Loan Interest
6:54 - Charitable Donations
7:45 - Medical Expenses
8:39 - Long-Term Care Premiums
9:28 - Casualty Losses Due To Federally Declared Disaster
10:16 - Gambling Loss

------------

LINKS:

DISCLAIMER: I am not a financial adviser. These videos are for educational and entertainment purposes only. I am merely sharing my personal opinion. Please seek professional help when needed.

[Seoulsearch]

Thank you for these very helpful videos! 👍

[bonwatcher]

Good video, thanks! I think I need to investigate the LTC insurance deduction, I may have been letting that one slip by. 😮

[TheKevinChaz]

It's crazy how you showed Albany. I literally just started working here and wanted to reduce my taxes.

[perryjoejimbob]

Is home equity loan interest deductible if loan is used to purchase a second home outright?

[me]

While it's not technically gambling, but would you put portfolio losses under gambling loss as well, or something similar?

[VishalRaoOnYouTube]

The SALT limitation of $10, 000 is so annoying! So if I pay 15K in property tax in house and 8K in sales tax on a new car, I can only deduct 10K?

[danielfringer]

$300, 000 Income Tax Reward
Freedom Law School is offering $100, 000 to the first person who can demonstrate any of the three propositions listed below. The winner can collect up to $300, 000 if he or she can prove all of the propositions below.

1. Show what statute written by the Congress of the United States that requiring Americans to file an income tax “CONFESSION” (return) and pay an income tax.

2. Show how Americans can file an income tax “CONFESSION” (return) without giving up their 5th amendment right to not give any information to the government that may be used to prosecute them.

3. Prove that the 16th amendment to the United States Constitution, which, according to the IRS and modern American courts permitted the income tax to exist was lawfully added to the United States Constitution.

[synthesizerisking]

It’s tax info if the word tax comes out of your mouth relating to taxes

[steveevelyn]

Even with the current dip ín the market I'm still glad I can smile 😊 back at my portfolio of $12, 500 built from my weekly trade.

[cheeky_bones]

Not very informative, it's like you just reading from a script bro

[Peteliao]

I buy a bunch of stuff at Home Depot and return them. Keeping the receipt and using them as business expenses. 😅