Thanks, Opus. I'm a little confused. You said:
The NYS standard deduction is $8000 single and $16,050 for married filing jointly. If your itemized deductions are less than that, that will reduce the tax savings of your new apartment.
But I mentioned I'd be deducting $25K mortgage interest and $10K property tax, so that's over the $8K and $16050 you mentioned, right. So it would make sense to itemize my state taxes, right? Or are you just giving me those numbers for info?
Also, if myself and my girlfriend are on the mortgage, I assume we'd have to split the mortgage interest and property tax deduction 50/50?
So, based on 7% state income tax and 4% city, am I right in thinking the overall net benefit of the $35K property tax and mortgage deduction over a standard deduction (two people filing as single not married) would be around $2085
$35K x 11% = $3850 - itemized
$16.050 x 11% = $1765 - standard
