I am answering from a Federal Tax standpoint, as I am aware that New York City has credits for property taxes you might be paying. From a Federal standpoint, these expenses are not directly deductible. Rather they are added to the basis of the property (the "purchase price"). When you go to sell the property, then you subtract your basis from the purchase price. If the amount of the gain is greater than the exemption amount ($250,000 for an individual, or $500,000 for a married couple filing joint, provided you live in the residence for at least 2 of the preceding 5 years prior to the sale), you pay capital gains on the remaining gain. So keeping these costs is a good idea if you believe that when you sell you might have a significant gain.
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