NOTE: This not a question on standard home mortgage interest.
I have an apartment in a coop in NYC. The coop has 900+ units. Every person who owns an apartment is an owner of the coop. There is a mortgage on the coop building. Every February, all owners of the coop receive a letter from a CPA firm detailing how much mortgage interest the owners can deduct from their personal income tax. The letter contains only the interest amount. There is no information on origination date, mortgage amount or any other numbers that we see on a regular 1098 form, since this is not a home mortgage. This is a mortgage for a corporation (the coop), where the interest is distributed among the owners of the corporation.
How will I be able to deduct the mortgage interest on TurboTax Premier, desktop version?
As there are many coops in NYC, and probably many of them use TurboTax (maybe not…they may use tax accounts), there must be a way I can enter the interest in TurboTax.
I used to have a tax accountant doing my taxes. He was able to enter the interest on Schedule A, box 8b. However, when I do this, TurboTax does not include the interest in the calculation. (I know because I would enter a fake 1098 in the step-by-step section using the same mortgage interest and TurboTax will decrease my taxes).
