Answer
Itemized deductions are deductions that a taxpayer lists down item wise rather than like standard deductions where the lumpsum amount is listed down.They are listed separately from standard deductions when expenses are greater.
Work Step by Step
Itemized deductions are expenses that the tax payer claims item wise. Each item of expenses has to be listed down for the claims, unlike standard deductions where the lump sum amount is claimed as per the deductions allowed by the government.
Itemized deductions can be in the form of medical expenses, home mortgage interest, state taxes, property taxes, charity, etc. Expenses are itemized when they are greater than standard deductions. Standard deductions are fixed amount of expenses that the regulatory body fixes for the taxpayers.
