Determining Expenses That Qualify for Itemized Tax Deductions

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"If you are using a specific piece of your home for your business, you can allocate a piece of your general home expenses - insurance, mortgage, property taxes - you can allocate that to the home office," says CPA Barry Kleiman of Untracht Early LLC. Others need to be listed on a Schedule A, like mortgage interest, real estate taxes and gifts to charity. That can be in the form of money or donated goods but you have to have proof.  "Even if it's $25 for a race, for charity, you must have a receipt," says Alan Kahn, CPA and President of AJK Financial Group.