NY Tax Deductions Guide 2025
Understand standard vs. itemized deductions and available tax credits
The standard deduction is a fixed amount you can subtract from your income. Most taxpayers benefit from taking the standard deduction rather than itemizing.
Federal Standard Deductions
NY State Standard Deductions
Common Itemized Deductions
Mortgage Interest
Interest on up to $750,000 of mortgage debt for your primary residence.
State & Local Taxes (SALT)
Up to $10,000 in state and local taxes (property, income, or sales).
Charitable Contributions
Donations to qualified charitable organizations.
Medical Expenses
Expenses exceeding 7.5% of your adjusted gross income.
529 Plan Contributions
NY residents can deduct up to $5,000 ($10,000 married filing jointly) in 529 contributions.
Child Tax Credit
Up to $2,000 per qualifying child (federal). NY has Empire State Child Credit.
Itemize if: Your total itemized deductions exceed the standard deduction. This is more common if you have significant mortgage interest, high property taxes, or substantial charitable donations.
Take standard if: Your itemized deductions are less than the standard deduction, or you want to simplify your tax filing.
Note: The SALT deduction cap ($10,000) has made itemizing less beneficial for many NY taxpayers since 2018.