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Unlike the standard deduction, itemized deductions result in different taxable income amounts from person to person. Those who qualify for the standard deduction have the leeway to choose the itemized route; however, individuals who are not eligible for the standard deduction can only itemize their tax deductions.
The most common itemized deductions include: 1  Deduction for state and local taxes paid. Taxpayers can deduct the entirety of any state and local taxes (including income, property and generalized sales taxes) that they paid for that tax year. 2  Deduction for mortgage interest paid.