Tom and Jill, 55 and 56 respectively, have the following routine deductions on an annual basis:

Mortgage interest: $5,000

Charitable deduction: $8,000

Property taxes: $10,000

In order to maximize their tax deductions over a 4-year rolling period, Tom and Jill should:

Question 12 options:

Bunch mortgage interest into two tax years and claim the standard deduction for two years and itemized deductions the other two years.

Take itemized deductions every year as this will help more on their state tax return as well.

Take the standard deduction every year as this will help more on their state tax return as well.

Bunch charitable giving into two years and claim the standard deduction for two years and itemized deductions for the other two years.