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