Hi celeste567,
Congrats on your purchase of the co-op, assuming it is for the main residence.
In general, you should be able to deduct mortgage interest and property tax of your share of ownership of the co-op.
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Cooperative apartment.
You can usually treat the interest on a loan you took out to buy stock in a cooperative housing corporation as home mortgage interest if you own a cooperative apartment, and the cooperative housing corporation meets the conditions described earlier under Special Rules for Cooperatives . In addition, you can treat as home mortgage interest your share of the corporation's deductible mortgage interest. Figure your share of mortgage interest the same way that is shown for figuring your share of real estate taxes in the Example under Division of real estate taxes, earlier. For more information on cooperatives, see Special Rule for Tenant-Stockholders in Cooperative Housing Corporations in Pub. 936.
Refund of cooperative's mortgage interest.
You must reduce your 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 it 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.
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https://www.irs.gov/publications/p530#en_US_2020_publink100011866
Please also refer to the following:
Page 9 of IRS Pub 936 Home Mortgage Interest Deduction
Under the section "Special Rule for Tenant-Stockholders in Cooperative Housing Corporations"
https://www.irs.gov/pub/irs-dft/p936--dft.pdf
https://ttlc.intuit.com/community/tax-credits-deductions/discussion/how-do-i-input-mortgage-interest...
Hope this helps. Thank you.
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