I'm studying for REG and, just out of curiosity, I'm wondering what kind of documentation gets submitted to the IRS when filing a tax form with itemized deductions. Are receipts for all itemized deductions actually submitted along with the tax filing, or are receipts simply kept on record for the potential of a tax audit?
I've never worked in tax and I always take a standard deduction so I'm just wondering how that works. If anyone with tax experience could answer, it would be appreciated.