KrisD15
Expert Alumni

Deductions & credits

Perhaps the owners of the other co-ops get a 1098 from the CPA firm that handles their bookkeeping. 

You could enter a "mock" 1098, but you would need to know your share of the loan balance. 

If the CPA Firm was able to calculate your share of the interest, they should be able to also tell you what your share of the loan balance is.

You could then enter as a 1098 into the TurboTax program and indicate that the 1098 was issued in the name of someone else, which would be the housing corporation.

 

 

According to the IRS:

"Cooperative apartment owner. If you own a cooperative apartment, you must reduce your home mortgage interest deduction by your share of any cash portion of a patronage dividend that the cooperative receives. The patronage dividend is a partial refund to the cooperative housing corporation of mortgage interest if paid in a prior year.

If you receive a Form 1098 from the cooperative housing corporation, the form should show only the amount you can deduct.

 

Limits on deduction. To figure how the limits discussed in Part II apply to you, treat your share of the cooperative's debt as debt incurred by you. The cooperative should determine your share of its grandfathered debt, and its home acquisition debt. (Your share of each of these types of debt is equal to the average balance of each debt multiplied by the fraction just given.) After your share of the average balance of each type of debt is determined, you include it with the average balance of that type of debt secured by your stock.

Form 1098. The cooperative should give you a Form 1098 showing your share of the interest. Use the rules in this publication to determine your deductible mortgage interest."

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"