IS: Itemized Deductions and Schedule A, Part I

General Description:

The Individual Series of classes is designed for tax return preparers and new tax professionals. Participants will learn the underlying authority for, and possible complexity of, seemingly simple tax questions, and how that authority ties into tax software programs and preparation of the tax return for an individual. This course specifically addresses items that are deductible on Schedule A, including medical and dental expenses, taxes, and interest. Updated to include the relevant provisions of the One Big Beautiful Bill Act signed into law on July 4, 2025.

Learning Objective:

After completing this course the participant will be able to:

• Identify items that may be deducted on Schedule A and describe the effect of TOBBB on itemized deductions.
• Determine the deductible amount of medical and dental expenses, including retirement home expenses, health insurance premiums for a self-employed person, long-term care insurance premiums, assisted reproduction expenses, payments to a health and wellness coach, and other items that generally qualify as medical expenses.
• Determine the types of taxes that are deductible on Schedule A, including real property taxes, state income taxes, and sales taxes, the treatment of foreign taxes, and the treatment of state tax refunds; and calculate the tax deduction on the purchase and sale of a residence.
• Discuss changes made by TOBBB, including the phaseout of itemized deductions, cutback on charitable contributions, and phaseout of the SALT deduction of $40,000.
• Illustrate the different types of interest that are deductible on Schedule A, including:
• Qualified residence interest, including acquisition debt and home-equity debt;
• Investment interest and Form 4952;
• Mortgage insurance premiums after TOBBB;
• Points.
• Determine how to treat the interest on a vacation home.
• Illustrate the treatment of gambling losses after TOBBB and discuss the amounts of gambling losses that are deductible for a session of play.
• Determine the expenses that are no longer deductible after TOBBB and options available for nondeductible expenses.

Instructors:

Mark A. Vogel is a retired professor and director of the University of Denver Graduate Tax Program, where for 38 years he taught courses in individual, fiduciary, tax accounting, partnership, and corporate taxation. He is the author of Divorce Taxation Guide (John Wiley & Sons) and Individual Taxation (Shepards/McGraw-Hill). He received a J.D. and LL.M. in Taxation from the University of Denver College of Law and an undergraduate accounting degree from the University of Notre Dame. He is also a CPA licensed in Illinois.

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