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Anonymous
Not applicable

My only itemized deductions are mortgage related (interest + property tax). Why are my federal itemized deductions materially different to my NY State itemized deduction?

 
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3 Replies
KrisD15
Expert Alumni

My only itemized deductions are mortgage related (interest + property tax). Why are my federal itemized deductions materially different to my NY State itemized deduction?

The Federal return will limit State and Local taxes paid to 10,000. There is no limit for the deduction on the New York return. 

Limits for Home Mortgage Deductions on the Federal return are not imposed on the New York State return. 

 

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Anonymous
Not applicable

My only itemized deductions are mortgage related (interest + property tax). Why are my federal itemized deductions materially different to my NY State itemized deduction?

Thank you very much. For some reason my federal itemized deductions are materially higher than my NY State itemized deductions which is counterintuitive to what you described (if there is a federal cap of 10K and no cap for NY State then state deductions should be higher not lower.

 

Again, I am only claiming (a) mortgage interest paid and (b) NYC property taxes. Is there a income/AGI limit that caps the itemized deductions in NY State?

AmyC
Employee Tax Expert

My only itemized deductions are mortgage related (interest + property tax). Why are my federal itemized deductions materially different to my NY State itemized deduction?

Look at your form IT 201 or IT 203, line 19. If your income exceeds $187,900, your deductions are limited. See instructions here.

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