If you are saying that you own a coop, and you make payments that are allocated to mortgage interest and taxes, you can deduct those amounts as Itemized Deductions on your tax return. There is no special line for a Section 216 tenant shareholder deduction.
Instead, you would enter your share of these expenses in the appropriate sections of TurboTax.
- Enter your share of Mortgage Interest "interest on debt contracted in the acquisition, construction, alteration, rehabilitation, or maintenance of such building, houses, or land" in Deductions and Credits, under Your Home, in Mortgage Interest and Refinancing.
- Enter your share of Real Estate Taxes under Your Home, in Property (Real Estate) Taxes.
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