- Medical and Dental Expenses: You can deduct unreimbursed medical and dental expenses that exceed 7.5% of your Adjusted Gross Income (AGI).
- State and Local Taxes (SALT): The cap on the SALT deduction has been increased for tax years 2025-2029. Taxpayers can claim up to $40,000 ($20,000 if married filing separately) for a combination of state and local income or sales taxes, and real estate and personal property taxes. This deduction begins to phase out for taxpayers with AGI over $500,000.
- Home Mortgage Interest: Interest on home mortgage debt is generally deductible.
- Charitable Donations: Contributions to qualified charitable organizations are deductible.
- Casualty and Theft Losses: Personal casualty and theft losses are deductible only if they are attributable to a federally declared disaster area.
- Gambling Losses: You can deduct gambling losses up to the amount of your gambling winnings.
Standard Deduction
November 10, 2025
No Comments
