Deduction, standard vs. itemizing? TT is telling me to take Standard. I always itemize. the refund is the same. For continuity, I run my own rental property. which one?

[hickeycj]

Is there any drawback from taking Standard Dedication this year? I always itemize since I have rental property and my own business. Refund is the same.

[KrisD15]

The only difference is that if you take the Standard Deduction and get a state refund, the state refund (next year) will not be reported. It will not be taxable.

If you itemize and get a state refund, it may be taxable. 

If you claim state tax on tax year 2024 Schedule A, then get a state refund in 2025 (for tax year 2024) you need to calculate if the refund is taxable based on the state tax deducted on that 2024 schedule A.  

If you take the standard deduction, and then get a state refund, there is no schedule A, so no state tax deduction (on the 2024) federal return to worry about and the state refund is not reported. 

[AmeliesUncle]

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@hickeycj wrote:
 I always itemize since I have rental property and my own business.

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Neither rental expenses or business expenses are itemized deductions, so neither of those affect the choice between Itemizing and taking the Standard Deduction.

[Carl]

Having/reporting rental property is not relevant here. All rental income/expenses are reported on SCH E. Nothing concerning the rental is on SCH A at all.
Typically, the standard deduction is the better choice. For the tax year 2024, the standard deduction amounts are $14,600 for single filers, $29,200 for married couples filing jointly, and $21,900 for heads of household. Additionally, taxpayers who are 65 or older or blind can claim an extra deduction of $1,950.
While not impossible, it's not as common as it used to be for itemized deductions to exceed the standard deduction.