2007-01-26 08:34:03 · 5 answers · asked by saffire277 2 in Business & Finance ➔ Taxes ➔ United States
No. You can itemize your taxes, if the items you plan to deduct total more than the standard deduction.
2007-01-26 08:42:48 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No you don't. Everyone has a choice between taking the standard deduction for their filing status, or itemizing their deductions. The only time that you'd itemize would be if your total adds up to more than the standard, because otherwise you'd LOSE money, and pay more taxes, due to itemizing. Most people who don't have mortgage interest don't have enough expenses that are eligible for deductions to itemize, so most people who itemize are homeowners with a mortgate.
2007-01-26 17:06:13 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
No, but the deduction that makes it most likely to be worth itemizing -- home mortgage interest -- is limited to homeowners, obviously.
2007-01-26 17:00:39 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
No, you don't have to be a homeowner but most people who are not do not have enough deductions to itemize.
2007-01-26 16:45:19 · answer #4 · answered by Wayne Z 7 · 0⤊ 0⤋
yes u do 4 a matter of fact !!!!!!!!!!!!!!!!!!!!!!!
2007-01-30 15:16:10 · answer #5 · answered by Anonymous · 0⤊ 0⤋