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The Taxation professionals at ExpertsLand have successfully answered Itemized Deductions questions like:

  • For 2010, my itemized deductions exceeds the incomes taxes I paid. Can I apply the overage to my tax liabiblity for 2011, or does the excess deduction kind of disappear?
  • I am itemizing deductions on my Federal return. In "taxes you paid" line 5 it asks for state taxes withheld and adds that amount to your total itemized deductions. But isn't the amount withheld from your state based on the number of allowances you wish to claim and any additional withholding amount you want? Seems if this were true, you would want to have more withheld from your state so your Federal line 5 would be higher thus making you itemized deductions higher and less Federal tax paid???
  • Can i claim itemized deduction (Schedule A) on mortgage interest and property tax expenses for a rental property?
  • My real estate taxes are from fiscal year July to June. I paid half the taxes in 2010 and the other half in 2011. Question: should I count the real estate taxes paid (again itemized deductions) when they are actually paid or does the tax bill determine it. So if my real estate taxes are $6000 for fiscal year July 2010- June 2011 and I paid $2500 in 2010 and $4500 in 2011, how much do I itemize on Federal 2010 return?
  • My itemized deductions add up to $27,000, but Turbo Tax says a standard deduction of 23,900 is better for me. What's up with that?
  • In 2010 I had itemized deductions (large deduction from fraudulent ponzi investment reported on form 4684) that exceeded AGI---can the "unused" itemized deduction be carried over to 2012? How is this done?


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