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Q. Do I Itemize my Deductions or take the Standard Deduction?
The IRS gives taxpayers a Standard Deduction based on their filing status as follows:
Single $15,000
Married Filing Jointly $30,000
Head of Household $22,500
If you have mortgage interest, real estate taxes, origination fees/mortgage points, charitable donations, and deductible medical expenses that exceed the standard amounts, then you would itemize.
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