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To calculate your New York State itemized deduction, complete Form IT-196. If you take the larger of your New York State itemized or standard deductions, in most cases your New York State and New York City income tax will be less.
Original or expected balance for your mortgage. 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.
You can deduct the mortgage interest you paid during the tax year on the first $750,000 of your mortgage debt for your primary home or a second home. If you are married filing separately, the limit drops to $375,000.
On line 44, Addition Adjustments, there is a pop-out worksheet. Union dues may be entered on line 4 of this worksheet. These will then be incorporated into your NYS tax return and you should see your Amount due / Refund adjust automatically.
In most cases, you can deduct all of your home mortgage interest. How much you can deduct depends on the date of the mortgage, the amount of the mortgage, and how you use the mortgage proceeds.

People also ask

The rule to follow: If your Expenses 40% of your income, Itemized is the more tax efficient choice. If your Expenses
Mortgage Tax is equal to 1.05% of the total mortgage amount (minus a $30.00 deduction if applicable) which consists of the following: Basic Mortgage Tax is . 50% of mortgage amount. SONYMA (State of New York Mortgage Authority) aka Additional Tax is . 30% of the mortgage amount. MTA Special Assistance Taxis .

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