Enrolled Agent Exam [Part 1] 31, Itemized Deductions - Overview

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • Itemize on Schedule A only when total deductions exceed the standard deduction, which for 2025 is $15,750 for single filers. • Medical expense deductions are limited; only the amount exceeding 7.5% of your Adjusted Gross Income (AGI) is deductible. • The State and Local Tax (SALT) deduction, including property and income or sales taxes, is capped at $10,000 per household annually. • Home mortgage interest is only deductible on acquisition debt up to $750,000 for mortgages taken out after December 15, 2017. • Bunching is an exam-tested strategy where taxpayers consolidate deductible expenses into one year to surpass the standard deduction threshold. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep