Nicholas P. DiNatale, CPA -
Certified Public Accounting & Business Advisory

Taxpayer Resources - FAQ

Can I itemize my deductions if I don’t own a home?

Each taxpayer not reported as a dependent on someone else’s return is allowed a standard deduction based on their filing status. Most people who do not own a home will file using the standard deduction. To itemize your deductions, you add up your deductible expenditures and if the total exceeds your standard deduction, congratulations! You can itemize your deductions.

How is this related to owning a home? Most people will not have enough deductible items to exceed their standard deduction unless they own a home. When you become a homeowner, your real estate taxes and mortgage interest, which are generally deductible, combine with your other deductible items to cover your standard deduction number and enable you to itemize.

There are a large number of deductible expenditures in the following categories: medical expenses; taxes paid; interest paid; charitable contributions; casualty and theft losses; and other miscellaneous deductions. Consult with your tax advisor if you have a question about the deductibility of a specific item.

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