Congress has delivered an expensive and unwanted gift to New Yorkers. Everybody in the United States can deduct the cost of their residential and commercial property taxes and their state income taxes. But now there is a cap of $10,000 in total. If your property tax is $12,000 you can only deduct $10,000 and you cannot deduct any of your New York State or New York City income taxes. In it more imperative this year than ever to have your property taxes checked in Nassau, Suffolk, New York City and villages to make sure you are not being assessed too much. Happy Holidays!
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