I have a question about inputting Property Tax. I live in a co-op and my Real Estate is $4.3006 per share and I have 357 shares which is worth $1 per share?
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New Member

I have a question about inputting Property Tax. I live in a co-op and my Real Estate is $4.3006 per share and I have 357 shares which is worth $1 per share?

How do I calculate that? I also I acquired the place on Sept 8th 2016.
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Expert Alumni

I have a question about inputting Property Tax. I live in a co-op and my Real Estate is $4.3006 per share and I have 357 shares which is worth $1 per share?

The real estate tax for a year would be $1535 (rate of $4.3006 x 357 number of shares).  You bought your co-op in September and there should be a prorated share that applies to your ownership period for 2016.  Once you find that amount you can use that for itemized deductions.

  • A cooperative apartment building is owned by the corporation and is one complete unit, receiving one property tax bill. The co-op management will notify each tenant about there portion of the tax bill and you may deduct that tax bill on your income taxes as an itemized deduction.

You can go directly to itemized deductions by following these steps (mortgage interest can also be entered here):

1. Sign into your account and select your current return

2. Select My Account in the top Right 

3. Select Tools

4. Select Topic Search (see attached image)

5. Search for itemized deductions and select Go

This will take you to the interview process for your property tax deductions.

TurboTax will optimize your return for the lowest tax result comparing your itemized deductions with your standard deduction.

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