The standard deduction allows taxpayers to reduce their taxable income by a fixed amount. The New York state standard deductions for 2024 (taxes filed in 2025) are: Single: $8,000. Single (claimed as dependent): $3,100. Married filing jointly or surviving spouse: $16,050.
What is the IT-196 form?
You should use Form IT-196 when you intend to itemize deductions on your New York State income tax return instead of taking the standard deduction. This form is also applicable if you have qualifying expenses such as medical bills, state and local taxes, and mortgage interest.
Can you deduct gambling losses in NY?
Gambling losses are only deductible if you itemize on Schedule Astandard deduction users cannot claim them. You can only deduct losses up to the amount of your gambling winnings; losses beyond that are not deductible. Accurate records are a mustlogs, tickets, and receipts are required to substantiate wins and losses.
How much mortgage interest can I deduct in New York?
Taxpayers can deduct the interest paid on qualified residences for up to $750,000 in total mortgage debt (the limit is $375,000 if married and filing separately). Any interest paid on first, second or home equity mortgages over this amount is not tax-deductible.
form it 196 instructions
Form it 196 instructionsForm it 196 pdfForm it 196 2021Form it 196 2022Form IT-196 standard deductionit-196 instructions pdfform it-196 line 49How to fill out form it 196
Security and compliance
At DocHub, your data security is our priority. We follow HIPAA, SOC2, GDPR, and other standards, so you can work on your documents with confidence.
Feb 14, 2025 IT-196 [New York Resident, Nonresident, and Part-Year Resident Itemized Deductions]; IT-1099-R [Summary of Federal Form 1099-R Statements]. It
Cookie consent notice
This site uses cookies to enhance site navigation and personalize your experience.
By using this site you agree to our use of cookies as described in our Privacy Notice.
You can modify your selections by visiting our Cookie and Advertising Notice.
