Yes, both of these expenses are deductible as itemized deductions if the Co-op meets certain requirements. You will enter the interest and the property taxes just as you would if you received a Form 1098 related to mortgage Interest.
To enter your Mortgage Interest in TurboTax Online or Desktop, please follow these steps:
- Once your tax return is open, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
- Next click on “Deductions and Credits”
- Next click on "jump to full list" or “I’ll choose what I work on”
- Scroll down the screen until to come to the section “Your Home”
- Choose "show more", then Mortgage Interest, Refinancing and Insurance
It is OK to show your Co-op interest under the 1098 section of Schedule A. If you are contacted by the IRS, you will just need to provide an explanation of your situation (that your mortgage interest is from a Co-op and provide the IRS with the details of this Co-op interest expense)
To enter your Property Taxes in TurboTax Online or Desktop, please follow these steps:
- Once your tax return is open, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
- Next click on “Deductions and credits”
- Next click on "jump to full list" or “I’ll choose what I work on”
- Scroll down the screen until to come to the section “Your Home”
- Choose "show more", then Property Taxes and follow the onscreen instructions
