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Level 2
posted Jun 7, 2019 4:45:44 PM

How do I input mortgage interest/property taxes for my share of the co-op I live in, since I did not receive a 1098?

1 7 9633
1 Best answer
Intuit Alumni
Jun 7, 2019 4:45:54 PM

Yes, both of these expenses are deductible as itemized deductions if the Co-op meets certain requirements. You will enter the interest and the property taxes just as you would if you received a Form 1098 related to mortgage Interest.

To enter your Mortgage Interest in TurboTax Online or Desktop, please follow these steps:

  1. Once your tax return is open, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
  2. Next click on “Deductions and Credits”
  3. Next click on "jump to full list" or “I’ll choose what I work on”
  4. Scroll down the screen until to come to the section “Your Home”
  5. Choose "show more", then Mortgage Interest, Refinancing and Insurance

It is OK to show your Co-op interest under the 1098 section of Schedule A. If you are contacted by the IRS, you will just need to provide an explanation of your situation (that your mortgage interest is from a Co-op and provide the IRS with the details of this Co-op interest expense)

To enter your Property Taxes in TurboTax Online or Desktop, please follow these steps:

  1. Once your tax return is open, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
  2. Next click on “Deductions and credits”
  3. Next click on "jump to full list" or “I’ll choose what I work on”
  4. Scroll down the screen until to come to the section “Your Home”
  5. Choose "show more", then Property Taxes and follow the onscreen instructions

7 Replies
Level 3
Jun 7, 2019 4:45:46 PM

Do you just live in it or do you own it?

Level 2
Jun 7, 2019 4:45:49 PM

I just live in it.  The property management team provided the per share amount for interest and property taxes.

New Member
Jun 7, 2019 4:45:51 PM

I own it

New Member
Jun 7, 2019 4:45:52 PM

I have the same situation with my Co-op.  I entered the mortgage interest but I don't know the origination date for 2018 or 2019.  How do move forward with my return if I don't have this information?

Intuit Alumni
Jun 7, 2019 4:45:54 PM

Yes, both of these expenses are deductible as itemized deductions if the Co-op meets certain requirements. You will enter the interest and the property taxes just as you would if you received a Form 1098 related to mortgage Interest.

To enter your Mortgage Interest in TurboTax Online or Desktop, please follow these steps:

  1. Once your tax return is open, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
  2. Next click on “Deductions and Credits”
  3. Next click on "jump to full list" or “I’ll choose what I work on”
  4. Scroll down the screen until to come to the section “Your Home”
  5. Choose "show more", then Mortgage Interest, Refinancing and Insurance

It is OK to show your Co-op interest under the 1098 section of Schedule A. If you are contacted by the IRS, you will just need to provide an explanation of your situation (that your mortgage interest is from a Co-op and provide the IRS with the details of this Co-op interest expense)

To enter your Property Taxes in TurboTax Online or Desktop, please follow these steps:

  1. Once your tax return is open, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
  2. Next click on “Deductions and credits”
  3. Next click on "jump to full list" or “I’ll choose what I work on”
  4. Scroll down the screen until to come to the section “Your Home”
  5. Choose "show more", then Property Taxes and follow the onscreen instructions

Not applicable
Feb 13, 2022 5:44:47 AM

Turbo Tax asked for principle balance. Since I don’t have the 1098 from Coop, only mortgage interest per share and the number of share owned, how can I enter relevant information? 

Expert Alumni
Feb 13, 2022 11:44:21 AM

@Anonymous  It depends. The amount of outstanding mortgage debt is used to determine if your home interest deduction is limited. If you believe your total mortgage debt is well under $750,000 (if married, filing jointly), including the co-op, you may use any reasonable estimate of the remaining mortgage balance on the property. If, however, the co-op mortgage balance may take your total mortgage debt over $750,000, you should contact the mortgage company to obtain the true balance remaining on your mortgage.

Please see this article for more info: What do I do if I have multiple 1098s from refinancing my home debt?