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Itemized Deductions
Old 12-03-2014, 12:16 PM   #1
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Itemized Deductions

We have used the following itemized deductions:
Mortgage Interest
Property Taxes
State Sales Tax
Car Tabs Excise Tax
Cash Donations
Non-Cash Donations

Are there other common ones I may be missing?
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Old 12-03-2014, 12:17 PM   #2
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Do you pay a State income tax?

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Old 12-03-2014, 12:19 PM   #3
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No State Income Tax😄 (WA)
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Old 12-03-2014, 12:20 PM   #4
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medical/dental expenses beyond the limit?
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Old 12-03-2014, 12:23 PM   #5
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medical/dental expenses beyond the limit?
And don't forget the limit is 7.5% if one of the filers is 65+. Ours will be a biggie this year; wage income only half the year, DH is 76, I had d2 dental implants and I just told DH to get hearing aids before EOY!
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Old 12-03-2014, 12:26 PM   #6
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Investments expenses, safe deposit box, tax prep fees?
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Old 12-03-2014, 12:35 PM   #7
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Sales tax deduction adjustment if a large purchase made?
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Old 12-03-2014, 12:38 PM   #8
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Hmmm. Have not (luckily I guess) gone above the 7.5% for medical or 2% (investment expenses). Good for the list here though, thanks.
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Old 12-03-2014, 01:54 PM   #9
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If you have an RV payment, the interest on that is deductible.
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Old 12-03-2014, 01:58 PM   #10
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Quote:
Originally Posted by RetireAge50 View Post
We have used the following itemized deductions:
Mortgage Interest
Property Taxes
State Sales Tax
Car Tabs Excise Tax
Cash Donations
Non-Cash Donations

Are there other common ones I may be missing?
Is state sales tax still available as a deduction? I thought that 2013 was the last year.


Hmm - looks like there is legislation in congress right now to extend this. So it's still up in the air. http://money.cnn.com/2014/12/02/pf/taxes/tax-breaks/
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Old 12-03-2014, 02:28 PM   #11
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State of GA really pisses me off with how they treat fed itemized deductions - if you have them you can deduct the full amount from GA income, but if you don't have enough to reach the threshold (and take the fed standard) they only give you $3k off as a standard deduct. And it's been that way for years, never indexed to inflation. Can easily cost you $500+ in extra GA income tax just because you don't itemize.

Any other states screw you over like this?
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Old 12-03-2014, 02:44 PM   #12
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State of GA really pisses me off with how they treat fed itemized deductions - if you have them you can deduct the full amount from GA income, but if you don't have enough to reach the threshold (and take the fed standard) they only give you $3k off as a standard deduct. And it's been that way for years, never indexed to inflation. Can easily cost you $500+ in extra GA income tax just because you don't itemize.



Any other states screw you over like this?

Gotcha beat, I think in MO, you pay state taxes above the first $900 or so. All taxed at 6%. Hasn't been changed since the 1930s I believe. All of the "graduated levels" are inside the $900 if I am not mistaken.


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Old 12-03-2014, 02:53 PM   #13
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Charity mileage?
Home-based Office?
Vacation home mortgage interest?
HEL interest?
Any County/Local income taxes?
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Old 12-03-2014, 03:18 PM   #14
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This is small but auto registration is tax deductible.
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Old 12-03-2014, 03:42 PM   #15
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This is small but auto registration is tax deductible.
only the portion that is based on value of the vehicle, not the basic registration fees. Also OP identified that as "Car Tabs Excise Tax" that is what he meant by that line.
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Old 12-03-2014, 04:27 PM   #16
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2014 will be the first time that we "bunched" over a two year period. Paid property taxes and charitable donations in late (really late) 2013. Only paid required stuff in 2014. Bunched state income tax to the extent we could. Will open the flood gates in early 2015.
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Old 12-03-2014, 04:37 PM   #17
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Ok I feel better, have not missed anything glaring over the years. Maybe some charity mileage, thanks.

I buy cars etc infrequently and so it is easy to forget the extra sales tax is deductible. Hopefully this deduction will be extended at the last second.

This year we put a big chunk into a donor advised fund since we are currently in 25% bracket and later will likely be in the 15% and/or use standard deduction.
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Old 12-03-2014, 04:45 PM   #18
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Donations of household items, like books, clothes, exercise equipment, etc. While you are downsizing, you can write off the donation(s).

I put stuff out in the driveway, and they pick it up.
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Old 12-03-2014, 04:47 PM   #19
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http://satruck.org/donation-value-guide

The tax deduction for donating this stuff is better than selling at a garage sale!
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Old 12-03-2014, 05:09 PM   #20
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After going back and forth on this the whole year, I decided to bunch my itemized deductions for 2014. This includes making my 4th quarter 2014 estimated state income taxes in December instead of January (2015), the following month. I was also able to make 13 health insurance premium payments in 2014 because of a January 2014 snafu following the delay in the state-run exchange's setup of my new ACA policy.

New York had never indexed its standard deduction or its income tax brackets until 2013, causing a type of bracket creep. But that is no longer a problem, thankfully. NY's SD is higher than the federal one so combine that with not being able to deduct one's state income taxes makes it pretty common to itemize on the federal return but take the SD on the state return.

One thing working slightly against bunching is the reduction of my ACA subsidy in 2015 due to a state property tax rebate I will have to count as income once I itemize the property taxes the rebate will partially offset.
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