It depends.
Here is what it says in the NY State Instructions for Form IT-196:
For federal income tax purposes, the itemized deduction rules for the interest you paid in tax year 2018 have changed from what was allowed as a deduction for tax year 2017. Your New York itemized deduction for the total interest you paid on line 15 is computed using the federal rules that applied to tax year 2017.
See the 2017 federal Schedule A instructions, available on our 2019 New York itemized deductions webpage for information on computing your New York itemized deduction if either 1) or 2) below applies. If you had more than one home at the same time, the dollar amounts in 1) and 2) apply to the total mortgages on both homes.
1) You, or your spouse if filing jointly, took out any mortgages after October 13, 1987, and used the proceeds for purposes other than to buy, build, or improve your home, and all of these mortgages totaled over $100,000 at any time during 2019. The limit is $50,000 if married filing separately. An example of this type of mortgage is a home equity loan used to pay off credit card bills, buy a car, or pay tuition.
2) You, or your spouse if filing jointly, took out any mortgages after October 13, 1987, and used the proceeds to buy, build, or improve your home, and these mortgages plus any mortgages you took out on or before October 13, 1987, totaled over $1 million at any time during 2019. The limit is $500,000 if married filing separately.
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