All Home loans posts

Re: Co Op Land Value

skygirlfly21 — Sun, 12 Apr 2026 02:02:53 GMT

Thank you!

Re: Co Op Land Value

MonikaK1 — Sun, 12 Apr 2026 01:36:44 GMT

It depends. NYC co-op owners generally do not directly own a percentage of the land. Instead, they purchase shares in a corporation that owns the building and land, granting them a "proprietary lease" for their unit. The corporation holds the title, and shareholders (owners) possess stock certificates rather than a deed, though in some cases, the corporation itself holds a long-term ground lease instead of ownership, in which case the land value would be zero. Check with your owning corporation for more information about your particular property.

To determine the land value for a Manhattan co-op, if appropriate, you would apportion a share of the building's total land assessment, as indicated on the NYC property tax bill, based on your percentage of shares. Use the NYC Department of Finance Property Market Value Review for assessed land value, or apply the percentage of land value from the tax bill to your purchase price.

See this thread for another discussion of this issue, in which users were advised that land value would be zero.

@skygirlfly21

Re: Co Op Land Value

skygirlfly21 — Fri, 10 Apr 2026 00:27:58 GMT

Thanks for replying David. I live in a Co Operative building in Manhattan. How would I get the property tax bill or tax assessment as a Share Holder in the Co Operative? Assuming once I get it I would need the total # of shares to determine % allocated to me to then get my portion of the Land Value of the entire building? right?

Appreciate your help!

Re: Co Op Land Value

DavidD66 — Thu, 09 Apr 2026 03:30:37 GMT

You can use your property tax bill or tax assessment to determine the value of the land. The value on the bill or assessment won't be accurate, but you can take the ratio of the land to the overall value and apply that to the fair market value of the property. For example, if your property tax assessment says the total value of the property is $100,000 and the land is $40,000. The actual value of the property is $150,000, you would take 40% of $150,000, or $60,000.

Co Op Land Value

skygirlfly21 — Thu, 09 Apr 2026 02:07:47 GMT

How do I find the land value of my Co Operative apartment

Re: Depreciation

DawnC — Tue, 10 Feb 2026 01:54:44 GMT

Although the forms availability table indicates that Form 4562 is ready to e-file, the final update for depreciation calculations within the software has not been released.

We anticipate the depreciation calculations within the software should be updated after February 13, 2026. Our tech team is working hard to release the updates before that date.

Please be aware that this update will affect depreciation for Schedule E (Rental Properties) only. Schedule C (Self-Employment) was updated previously and should be working in all versions of TurboTax.

Depreciation

ChuiMui — Tue, 10 Feb 2026 01:39:11 GMT

On Rentals & Royalties -> Add Asset -> Depreciation -> Message states "Depreciation and Amortization will be ready by February, but likely sooner". When this will be sorted out?

Re: Rental home purchase - deductions vs cost basis

DawnC — Fri, 06 Feb 2026 17:28:14 GMT

For your primary or secondary home, the only deductible closing costs are home mortgage interest and certain real estate taxes. These deductible costs generally include:

Real estate taxes paid at closing
Mortgage interest paid when the cost was settled
Interest paid at the house’s purchase
Loan origination fees, known as “points”

Note: Other costs are deductible when refinancing your rental property.

You can add other settlement fees or closing costs to the basis of your property. This way you’ll get credit for those costs when you sell the home. These base adjustments include:

Abstract fees
Charges for installing utility services
Legal fees
Recording fees
Surveys
Transfer taxes
Title insurance
Any amounts the seller owes that you agree to pay, such as back taxes or interest, recording or mortgage fees, charges for improvements or repairs, and sales commissions

Current Rental Properties entry section

Did you sell Rental Property? If so, here is how to report it and recapture the depreciation.

Re: Rental home purchase - deductions vs cost basis

ChuiMui — Fri, 06 Feb 2026 17:12:22 GMT

Where do I capture this settlement costs in TurboTax? A separate question, how and where to capture depreciation of rentals from previous years?

Deductible points not all flowing to Schedule A

dougquist — Sun, 12 Oct 2025 06:53:03 GMT

I have three mortgages in 2024:

1. My initial primary residence, which was converted to a rental property -- still have this mortgage.

2. Mortage to purchase a new primary residence.

3. Refinanced mortgage #2 later in 2024.

Points are being amortized for loan #1 ($367) and correctly flowing from Home Int Wkst to Ded Home Mort Worksheet.

Points paid for purchase of new home, on Home Int Wkst show as "Deductible Points" in the summary near the bottom, but that $8,150.65, goes nowhere. These should be deductible in 2024 since I both got and refinance this mortgage in 2024, so amortizing them over the life of the loan doesn't apply.

More points were paid when I refinanced and the Home Int Wkst properly calculates the amortization amount of $121 but, again, that amount doesn't go any where.

When I look at my Ded Home Mort worksheet is only shows the points from the original loan ($357) instead of being $367 plus $8,150.65 plus $121 or a total of 8,638.65. This, of course, makes a HUGE difference in my tax situation!!!

Re: US resident husband (me) and Candian wife, purchasing a Canadian home

jyee315 — Tue, 17 Jun 2025 04:30:00 GMT

For filing purposes. I am a US citizen and resident. I file taxes in US, and treat my non resident wife as a resident alien for tax purposes and file married filing jointly. Yes she has a US SSN. I do not do taxes in Canada. My wife and kids live in Canada and is a resident of Canada. Nonetheless, I you did answer my question. Thanks.

Re: US resident husband (me) and Candian wife, purchasing a Canadian home

pk — Mon, 16 Jun 2025 18:41:06 GMT

@jyee315

(a) what do you mean by "US-Resident" -- are you saying you are US person ( citizen/GreenCard/Resident for Tax purposes ) or that you are NRA in the US not having met the SPT yet?

(b) If I assume that you are US person with US Tax-home, and your spouse ( Canadian citizen ?) lives with you , then , absent any legal documents/ agreements otherwise, marital prop may come under State laws -- marital ownership of assets.

(c) In general, when filing jointly, as long as one of you are liable for the debt, interest paid is deductible under the home/second-home grouping , if you take itemized deduction.

Since you are filing MFJ, I am assuming that your spouse has a TIN ( SSN or ITIN )--yes ?

Does this help or am I in the left field ? Is there more I can do for you ?

US resident husband (me) and Candian wife, purchasing a Canadian home

jyee315 — Sun, 15 Jun 2025 23:25:26 GMT

I plan on purchasing a home in Vancouver BC, and I believe for tax purposes it is best to put it under my wife solely. I will be taking a mortgage (through a Canadian bank) through my wife, but I will be the guarantor, for about 50% of the house's worth. Is the interest that we pay to Canadian bank tax deductible when I file with the IRS. We file married, filing jointly. Thanks.

Re: Amortization of Primary Home Mortgage Points

DianeW777 — Sun, 16 Mar 2025 19:54:41 GMT

It depends. You have two options, deduct all in the year you paid them for the mortgage on your main home or, If you choose to amortize your points over the life of the loan you would do this manually and remember to include it each year.

Divide the total points by the number of months in the term of the loan (30 x 12 = total months in the loan term), then multiply that by the number of months the loan was active in 2024. Each year you will take 12 months of points as long as the loan continues.

Once you make this decision, you must continue to amortize the points over the life of the loan. You don't have the option to deduct the balance in the next tax year. If you change your mind you can always amend your 2024 return if necessary until April 15, 2028.

Can I deduct mortgage points?

Amortization of Primary Home Mortgage Points

Memjewels1 — Sat, 15 Mar 2025 23:26:10 GMT

I took out a mortgage in 2024 on a new home and paid points which are reflected on the 1098 received from mortgage company. Although eligible to deduct all points amount in 2024, I won’t receive full benefit due to my current tax situation and other itemized expenses. How do I enter the points in TurboTax Online so that I claim a prorate amount this year with the unamortized amount carried forward to next year. The mortgage is a 30 year term. Is this entered as an asset or something or do I have to manually claim the amount in subsequent years?

Thank you

Re: Deducting mortgage interest for primary home with secondary unit rental

RobertB4444 — Fri, 07 Mar 2025 16:44:39 GMT

You can split the rental portion based on percentage of appraised value.

You have the mortgage interest deduction correct. Your percentage vs the rental percentage divides the deduction.

You are doing fine with the 1065 and the schedule E. That is exactly what @pk was talking about.

@Washem2015

Re: Deducting mortgage interest for primary home with secondary unit rental

Washem2015 — Fri, 07 Mar 2025 16:38:30 GMT

@pk , thank you for the response!

To clarify, the LLC is a partnership (my wife and I are equal partners). Regarding (a), is square footage the only or preferred method of splitting mortgage interest and property taxes? Or would an appraisal that identifies the value of the primary home vs. secondary unit be acceptable?

(b) Yes, our situation involves itemizing. Assume the remaining mortgage principal is 800,000 (and your previous example of equal square footage between the primary home and secondary (50% and 50%), then we list our remaining mortgage principal on our individual return as 400,000. Thereby avoiding the 750k cap on mortgage interest deduction?

(c) The LLC files a 1065 and issues K1s to me and my wife for the short term rental activity. The Schedule E is only for our lease of the secondary unit to the LLC. This is what you would expect, correct?

Thank you!

Re: Deducting mortgage interest for primary home with secondary unit rental

pk — Fri, 07 Mar 2025 15:42:45 GMT

@Washem2015 while I have no familiarity with the functions & screens of the on-line product, what should happen here

(a) assuming equal square footage between the main-home unit and the rented out unit, 50% of the mortgage interest and 50% of the property taxes belong to the LLC entity ( what type is it -- single member / partnership / corporation S or otherwise -- for tax purposes ).

(b) Your individual return covers your unit only. Note that for purposes of the mortgage interest ( if you are using itemized deduction, the principal remaining is half of the total amount.

(c) Depending on the type of entity ( the llc is ), you may have to file a Schedule-C or Schedule-E to cover the income and expenses of the income unit. And issue a K-1 to your self .

Is there more I can help you with ?

Deducting mortgage interest for primary home with secondary unit rental

Washem2015 — Fri, 07 Mar 2025 12:05:46 GMT

Hi, my wife and I have a mortgage for our primary home which includes a secondary unit on the property that we short term rent. The secondary unit is managed by our LLC which in turn pays us a lease fee for the secondary unit. How do we handle our mortgage interest deduction? Does a portion of the interest get assigned as an expense on Schedule E where we list the lease income from the LLC? Do property taxes work similarly?

Re: Deducting Points on New Primary Residence

LisaJJ — Thu, 27 Feb 2025 22:04:49 GMT

Thank you DaveF1006! You answered my question perfectly. 😊

LisaJJ