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Investors & landlords
No you do not have to list the Co-op mortgage interest balance unless that $30,000+ is your share of the balance of the loan.
If your mortgage interest total is more than $750,000 here is an example of how to calculate.
For example, say your mortgage is $1.25 million. Since the limit is $750,000, divide $750,000 by $1.25 million to get 0.6. Then, if you paid $80,000 in interest for the year, multiply $80,000 by 0.6 to find you can deduct $48,000.
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March 22, 2023
9:42 AM