DaveF1006
Expert Alumni

Deductions & credits

Isn't there a person that manages the loan for the COOP?  if so, you can get the information about the loan from them to determine what the amount of the loan is, how many members share the mortgage, then divide total of loan divided by the members = your share of the loan.

 

The reason Turbo Tax asks you for beginning and ending mortgage balances is that if your beginning mortgage and ending mortgage balance is more than $750,00, your mortgage interest deduction may be needed and a special calculation may need to take place. This is why it asks for your balance as of 12/31/2019. 

 

 

 

 

 

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