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New Member
posted Jun 4, 2019 11:26:22 PM

Can I deduct mortgage interest for a coop apartment I paid all cash for? If so, what do I put in the lender box when prompted by Turbo Tax?

I received Form 1098 from the cooperative

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3 Replies
Alumni
Jun 4, 2019 11:26:23 PM

Could you clarify your post?  If you paid all cash, what mortgage interest are your referring to?

Level 15
Jun 4, 2019 11:26:25 PM

the coop features I am awaare of  are -- you pay cash for buying it and then through the year you pay a monthly fee to the cooperative  towards the wrap-around mortgage ( that the building has ) and the  property taxes that are paid on the whole property. Then at the end of the year you get a statement that tells you the percentage of you monthly amounts allocated to the  mortgage  interest and  to the prop. tax. You sue these percentages to come up with your contribution to the  deductible mortgage interest and to the property tax. That is how it works in MI

Alumni
Jun 4, 2019 11:26:26 PM

Payments on the co-op mortgage, to the extent attributable to your ownership, are deductible mortgage expenses (an itemized deduction) the same as if they were on a mortgage you used to purchase your interest. 

Mortgage interest, refinancing, property taxes and mortgage insurance are all under the Deductions and Credits tab for "Your Home."