Would be better off to use the standard deduction or itemize

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Point 1: In your reading, you discovered that everyone has the option to take the standard deduction or itemize their deductions. Assume someone (age 35) is married. Combined, they make $100,000, and own a house on which they owe $200,000. They give 10% of their income to charity, pay 6% interest on their mortgage (they have an interest-only loan and have made no principal reductions), $3,000 in real estate taxes, and had $6,000 in medical expenses.

Question 1: Would they be better off to use the standard deduction or itemize?

Reference no: EM132497513

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