This is complicated. When purchasing the coop (which is an apartment), I took out a mortgage. This is like purchasing a home for which I do receive a 1098. The mortgage amount is limited to the $750,000 as you mentioned. At the same time, the corporation which owns the building for which there are 900+ coop units also has a mortgage which are in the multiple of millions. The owners (which are the coop owners) of the corporation share this building mortgage. (The monthly maintenance fee includes payment for the building mortgage.) Therefore, the interest is also shared among the owners. This interest is also deductible based on the CPA letter. As a result, there are potentially 2 mortgages for each coop owner: 1 for the coop unit itself, and 1 for the building. The interest deduction I am having problems entering in TurboTax is the building's mortgage, not the coop unit.
Coop is very common is NYC. This is the way they all work.
