Can coop mortgage interest relected in 1098 be used to deduct home office expense pro rata?

Minnie · ‎June 4, 2019

IreneS · ‎June 4, 2019

UPDATED FOR TAX YEAR 2019

Yes - coop mortgage interest is treated the same as interest on a house mortgage.

You can use the percentage of the total interest that is attributable to the home office when calculating home office expense. The home office must be related to a business you own. Employee home offices are no longer deductible for tax years 2018-2025 under the Tax Cuts and Jobs Act.

TurboTax is designed so that when you enter you office in home information in the business section. Turbo Tax will calculate the business percentage, and then transfer the non-business deductions which are allowable to schedule A (Interest and RE taxes) .

[Edited | 4/13/2020 | 10:59 am PDT]

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View solution in original post

IreneS · ‎June 4, 2019

UPDATED FOR TAX YEAR 2019

Yes - coop mortgage interest is treated the same as interest on a house mortgage.

You can use the percentage of the total interest that is attributable to the home office when calculating home office expense. The home office must be related to a business you own. Employee home offices are no longer deductible for tax years 2018-2025 under the Tax Cuts and Jobs Act.

TurboTax is designed so that when you enter you office in home information in the business section. Turbo Tax will calculate the business percentage, and then transfer the non-business deductions which are allowable to schedule A (Interest and RE taxes) .

[Edited | 4/13/2020 | 10:59 am PDT]

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Can coop mortgage interest relected in 1098 be used to deduct home office expense pro rata?