I am a single female living alone with no children. What is deductable if I itemize versus taking the standard deduction?
2007-04-03 02:56:48 · 6 answers · asked by Cady 2 in Business & Finance ➔ Taxes ➔ United States
I rent an apartment, wasn't able to go to school last year, don't own a business, and the only interest I paid last year was on credit cards.
2007-04-03 03:10:49 · update #1
Medical expenses that exceed 7.5% of your adjusted gross income Pub 502
State and Local Income taxes or State and Local sales tax
Real Estate Taxes,Property tax Pub 936
Mortgage Interest Pub 936
Loan Origination Fees Pub 936
Charitable Deductions Pub 526
Misc deductions Pub 529
...
2007-04-03 03:08:30 · answer #1 · answered by stuart 3 · 1⤊ 1⤋
Your standard deduction would be $5150. If your allowable itemized deductions is more than that, then you'd itemize.
You say you don't own a house - that takes out some of the common itemized deductions. If you had medical bills exceeding 7.5% of your AGI you could deduct the excess - again, most people don't have med bills that high. You could take state and local taxes (NOT federal), and charitable contributions, and several other items - see schedule A and its instructions, and see if you spot anything you have.
Chances are, you'd be ahead to just take the standard. But depending on your personal situation, you might be able to itemize.
2007-04-03 15:02:18 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Based on the information you provided you cannot itemize; unless, you excessively report 2106 deductions, Employee Business Expenses as a Schedule A Miscellaneous Deduction - which I would not suggest you do.
Pay your taxes like everybody else. Stop looking for an easy way out.
2007-04-03 12:45:02 · answer #3 · answered by bold4bs 4 · 0⤊ 0⤋
It does not sound like it would be beneficial for you to itemize your deductions, rent is not deductible, nor is credit card interest.
2007-04-03 10:17:09 · answer #4 · answered by Rob 7 · 1⤊ 0⤋
If you have a home, the interest on mortgage payments and taxes paid on your home, and if your medical expenses is more than 7.5% of your AGI, you can itemize it so you can claim the excess of the 7.5%, Charity Donations, Un-reimbursed employee expenses if any, Interest on Student loan payments if any, etc
2007-04-03 10:06:52 · answer #5 · answered by Ola 4 · 0⤊ 0⤋
From the details you provided, you have nothing to itemize.
2007-04-03 10:18:30 · answer #6 · answered by Robert in Nuuanu 3 · 1⤊ 1⤋