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Level 2
posted Feb 15, 2022 9:28:37 AM

For New York State, should a mortgage in another state be included in the NYS home acquisition debt calculation?

We have a home equity for our New York main residence and just refinanced the mortgage for our retirement home in SC, I would think only the H/E would be included in the home acquisition debt calculation.  Turbo Tax appears to be using both for New York State?

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1 Best answer
Expert Alumni
Feb 15, 2022 12:02:55 PM

Yes, the mortgage interest on your retirement home should be included as an allowable deduction for your NY state income tax. Although NY does not conform with the federal mortgage interest deduction in all ways since the Tax Cuts and Jobs Act, it does not limit the interest deduction based on what state the property is in. For more details, see the NY IT-196 page 2.

2 Replies
Expert Alumni
Feb 15, 2022 12:02:55 PM

Yes, the mortgage interest on your retirement home should be included as an allowable deduction for your NY state income tax. Although NY does not conform with the federal mortgage interest deduction in all ways since the Tax Cuts and Jobs Act, it does not limit the interest deduction based on what state the property is in. For more details, see the NY IT-196 page 2.

Level 2
Feb 15, 2022 12:15:49 PM

Thank you!  I appreciate the response!