topic Is box 10 on my 1098 the amount I should use for Property Real Estate Taxes? in Deductions & credits

Is box 10 on my 1098 the amount I should use for Property Real Estate Taxes?

bart — Tue, 04 Jun 2019 20:47:15 GMT

Yes - if you have an amount indicated as real estate taxe...

JohnR1 — Tue, 04 Jun 2019 20:47:17 GMT

Yes - if you have an amount indicated as real estate taxes paid in Box 10 of your Form 1098, this represents the amount of real estate taxes you paid on your residence during the tax year. If you can itemize your deductions, you can claim an itemized deduction for real estate taxes paid on your primary residence - this is the amount which should be included on your federal income tax return, on Form 1040 Schedule A, Itemized Deductions, Line 6, (Real estate taxes).

Here's how to enter real estate taxes paid in TurboTax:

In your return, click on Federal Taxes tab

Click on Deductions & Credits

Under Your tax breaks, select Edit/Add button for “Property Taxes”

On “Enter the Property Taxes You Paid”, enter the amount of real estate taxes paid on the home in the "Your Main Home” box, per the Form 1098 Box 10

Duplicate entry, please disregard

JohnR1 — Tue, 04 Jun 2019 20:47:18 GMT

Duplicate entry, please disregard

Re: Is box 10 on my 1098 the amount I should use for Property Real Estate Taxes?

kiml2018 — Thu, 06 Feb 2020 19:45:16 GMT

I have tax and insurance paid from escrow in box 10. Do I add those amounts together when filing my income tax return?

Re: Is box 10 on my 1098 the amount I should use for Property Real Estate Taxes?

TomD8 — Thu, 06 Feb 2020 19:53:14 GMT

@kiml2018 --You deduct only the property taxes. Homeowner's insurance on your primary residence is not a deductible expense.

Re: Is box 10 on my 1098 the amount I should use for Property Real Estate Taxes?

MayaD — Thu, 06 Feb 2020 19:58:43 GMT

You can deduct the property tax paid that was reported on form 1098 box 10.

As for the Homeowner insurance, you can only deduct it if you're a landlord or otherwise use the property for business purposes.

To deduct the property Tax :

Log in to your return.
Go to Federal Taxes.
Go to Deductions and Credits.
Go to Property (Real Estate) Taxes

Re: Is box 10 on my 1098 the amount I should use for Property Real Estate Taxes?

absloote0 — Thu, 27 Feb 2020 11:02:44 GMT

What does it mean when it says "we already have the XXXX in property (real estate) taxes you paid. Don't include it here.

Does that mean I have to subtract that amount from Box 10?

Re: Is box 10 on my 1098 the amount I should use for Property Real Estate Taxes?

VictoriaD75 — Fri, 28 Feb 2020 01:18:33 GMT

You can deduct the property taxes reported on your 1098, but be sure it is not already entered somewhere else and deducted. If you have a Schedule E or Schedule C with home office deduction, be sure this has not already been claimed. As long as you do not deduct the same taxes more than once, you are able to enter.

Re: Is box 10 on my 1098 the amount I should use for Property Real Estate Taxes?

aomongelluzzo — Sat, 18 Apr 2020 00:38:47 GMT

If I am deducting for co-op shares as well, do I add the amount in section 10 on my 1098 + the amount for co-op shares (i.e. real estate taxes / interest paid)

Thanks!

Re: Yes - if you have an amount indicated as real estate taxe...

far10261963 — Wed, 17 Feb 2021 01:26:01 GMT

Mortgage companies put more than just real estate taxes there. Each mortgage company is different. It is better to advise taxpayers to contact their mortgage company as to what has been reported in "Other" or look as the escrow statement for the year.

Re: Yes - if you have an amount indicated as real estate taxe...

DawnC — Wed, 17 Feb 2021 01:37:31 GMT

Shareholders in a co-op corporation are considered by the Internal Revenue Service to be homeowners. As a shareholder, you are entitled to deduct your share of the real estate taxes and mortgage interest paid by the cooperative.

At the beginning of every year, you will receive a letter from the co-op’s accountants that indicates how many dollars per share for (1) real estate tax and (2) mortgage interest you will be allowed to claim as itemized deductions on Schedule A of IRS Form 1040. You will also receive a Mortgage Interest Statement (IRS Form 1098) from our management company that indicates the exact dollar amount that you can deduct for mortgage interest (but not for real estate tax).

If you owned the shares for only part of the year, the 1098 form will reflect this. You are allowed to deduct mortgage interest and real estate tax only for that portion of the year you owned the shares. @aomongelluzzo

Re: Yes - if you have an amount indicated as real estate taxe...

aomongelluzzo — Thu, 11 Mar 2021 00:34:59 GMT

Thanks! @DawnC

I have owned the property for the entire year. I received the following that you noted :

A letter from the co-op’s accountants that indicates how many dollars per share for (1) real estate tax and (2) mortgage interest you will be allowed to claim
Mortgage Interest Statement (IRS Form 1098) from our management company that indicates the exact dollar amount that you can deduct for mortgage interest

I am still confused as to where I enter the information from the co-op accountant letter when filing. I was informed to multiply the number of shares I own (21) by the amount per share given. Where do I enter this information? On the same 1098 form from my mortgage company, or a different form?

Thanks!

Re: Yes - if you have an amount indicated as real estate taxe...

AmyC — Thu, 11 Mar 2021 00:53:30 GMT

No, you want to create a separate entry for the co-op. Follow these steps:

Log in and go to federal
deductions and credits,
edit/update Mortgage Interest.
Since you already have a 1098 entered, you want to click on the blue bar titled Add a Lender.
You will enter the name of the issuer
Continue
Tell us more about your loan
Select none of the above since you do not have a 1098
Let's get the details from your 1098
Enter mortgage interest, box 1
Enter debt and date, boxes 2 & 3
Enter property tax paid, box 5
Continue through answering questions

Re: Yes - if you have an amount indicated as real estate taxe...

aomongelluzzo — Thu, 11 Mar 2021 01:25:29 GMT

Thank you! @AmyC

Confirming that I will enter the following?

Interest Paid x 21 shares in Box 1
Real Estate taxes x 21 shares in Property (real estate) taxes box

Re: Yes - if you have an amount indicated as real estate taxe...

AmyC — Thu, 11 Mar 2021 01:29:37 GMT

Yes! Great job!

Re: Yes - if you have an amount indicated as real estate taxe...

aomongelluzzo — Thu, 11 Mar 2021 01:46:08 GMT

Thank you so much for your help! @AmyC

Re: Yes - if you have an amount indicated as real estate taxe...

Catfish88 — Sat, 09 Apr 2022 07:08:54 GMT

Can I deduct my share of the real estate taxes and mortgage interest paid by the cooperative if I am taking the standard deduction?

Re: Yes - if you have an amount indicated as real estate taxe...

RaifH — Sat, 09 Apr 2022 11:41:38 GMT

No, assuming this was your personal residence and not used in a business or as a rental. If you take the standard deduction, you may not deduct mortgage interest or property tax for your main home or a second home.

TurboTax will automatically select the deductions that will give you the best result on your tax return but don't neglect to include other itemized deductions you may be entitled to.

@Catfish88