Sentences with phrase «highest average deduction»

Manhattan taxpayers had the nation's highest average deduction for state and local taxes ($ 24,652) while in the Syracuse area the average deduction was $ 4,057, according to a Tax Foundation study.

Connecticut residents take the second - highest average deduction for state and local taxes.

New York, Connecticut, New Jersey, California, Massachusetts, Illinois, Maryland, Rhode Island and Vermont are the states (plus the District of Columbia) with the highest average deduction for state and local taxes.

Finally, rounding out our list of the top 10 states with the highest average deduction for state and local taxes is Vermont, where 27.41 % of returns took SALT deductions.

Residents of New York take the highest average deduction for state and local taxes, according to IRS data.

Not exact matches

Married couples filing jointly typically claim higher deductions, averaging more than $ 39,000 in 2014.

(King's district, which covers the southern part of Nassau County, is the only one in the state where the average property tax deduction is higher than the average income tax deduction.)

Democrats argue that's a bad deal for average taxpayers, saying the elimination of deductions and the personal exemption would, for many voters, result in higher tax bills.

He says that in addition to downstate counties such as Westchester that report high average SALT deductions, comparatively larger average amounts included $ 18,492 in Saratoga County, $ 15,870 in Albany County, $ 15,551 in Columbia County.

California had a high deduction claim, with the average deduction amount adding up to more than $ 15,000.

The mortgage interest deduction is now limited to $ 750,000 in debt, a fact that will primarily impact residents of those already mentioned higher cost states where the average value of homes often exceeds $ 1 million.

The only thing I would point out is that since deductions work against your highest tax - bracket income first, you should be using your marginal (highest) tax rate rather than your effective (average) tax rate when considering the benefit of a mortgage interest deduction.

It also says the money flows disproportionately to high - tax and high - cost states; in 2008, the average mortgage interest deduction claimed by Californians was $ 18,876, versus $ 7,992 for Oklahomans.