NASSAUSUFFOLK

Does anyone know whether NY as part of its decoupling from federal tax code will allow taxpayers to
claim itemized deductions( including full real property taxes and miscellaneous deductions)  in 2018 even
if taxpayers will be claiming the federal standard deduction?


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Michael Jaffe
CPA
MICHAEL B. JAFFE, CPA PC
Commack NY
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Yes, NYS decoupled from the federal . From the Trusted Professional:

"The New York State Senate passed a bill that decouples state tax law from the federal changes that were approved as part of the Republican tax bill which passed in December.  The bill, S06974A, essentially says that any reference to the laws of the United States mentioned in the state tax law means the provisions contained in the Internal Revenue Code and any amendments to it made prior to Dec. 1, 2017. The bill also removes language referring to the federal government with regard to itemizing deductions. Currently, New Yorkers can itemize deductions on their personal income tax only if they also itemize on their federal returns. The bill would allow them to itemize their New York taxes even if they can't do so for their federal taxes." 

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Lynne Fuentes BA
FUENTES & ANGEL CPAs LLC
Jericho NY
516-622-3045
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Original Message:
Sent: 08-21-2018 11:19
From: Michael Jaffe
Subject: Can NY taxpayers itemize in 2018 if they claim federal standard deduction?

Does anyone know whether NY as part of its decoupling from federal tax code will allow taxpayers to
claim itemized deductions( including full real property taxes and miscellaneous deductions)  in 2018 even
if taxpayers will be claiming the federal standard deduction?


------------------------------
Michael Jaffe
CPA
MICHAEL B. JAFFE, CPA PC
Commack NY
------------------------------

Original Message------

Yes, NYS decoupled from the federal . From the Trusted Professional:

"The New York State Senate passed a bill that decouples state tax law from the federal changes that were approved as part of the Republican tax bill which passed in December.  The bill, S06974A, essentially says that any reference to the laws of the United States mentioned in the state tax law means the provisions contained in the Internal Revenue Code and any amendments to it made prior to Dec. 1, 2017. The bill also removes language referring to the federal government with regard to itemizing deductions. Currently, New Yorkers can itemize deductions on their personal income tax only if they also itemize on their federal returns. The bill would allow them to itemize their New York taxes even if they can't do so for their federal taxes." 

------------------------------
Lynne Fuentes BA
FUENTES & ANGEL CPAs LLC
Jericho NY
516-622-3045
------------------------------

Yes it was signed April 17, 2018

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Lynne Fuentes BA
FUENTES & ANGEL CPAs LLC
Jericho NY
516-622-3045
------------------------------

Original Message:
Sent: 08-23-2018 08:42
From: Marvin Gruza
Subject: Can NY taxpayers itemize in 2018 if they claim federal standard deduction?

you say that the senate passed the bill - did cuomo sign it?, is it law?

Marvin Gruza CPA
cpamarv@aol.com

Original Message------

Yes, NYS decoupled from the federal . From the Trusted Professional:

"The New York State Senate passed a bill that decouples state tax law from the federal changes that were approved as part of the Republican tax bill which passed in December.  The bill, S06974A, essentially says that any reference to the laws of the United States mentioned in the state tax law means the provisions contained in the Internal Revenue Code and any amendments to it made prior to Dec. 1, 2017. The bill also removes language referring to the federal government with regard to itemizing deductions. Currently, New Yorkers can itemize deductions on their personal income tax only if they also itemize on their federal returns. The bill would allow them to itemize their New York taxes even if they can't do so for their federal taxes." 

------------------------------
Lynne Fuentes BA
FUENTES & ANGEL CPAs LLC
Jericho NY
516-622-3045
------------------------------