Ask Terry Questions household deductions on taxes

household deductions on taxes

By Terry Savage on January 29, 2021 | Financial Planning / Retirement

Hello Terry,

Our accountant explained to us, it was not worth submitting a deduction claim for clothing and household items to Goodwill etc. Is this true for this year’s filing too?

Terry Says

Your accountant is likely correct. With the new higher “standard deduction” of $12,400 for 2020, unless you have significantly higher deductions for charities, etc, it is not worth itemizing these smaller amounts!

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