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Our mortgage interest is from a common mortgage for our cooperative, for repairs to the building, not for our unit. Is this a home equity loan?

The coop took out the loan from the bank. On the 1098 our coop is named as the Recipient/Lender
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MarilynG1
Expert Alumni

Our mortgage interest is from a common mortgage for our cooperative, for repairs to the building, not for our unit. Is this a home equity loan?

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."

 

Click this link for more info on Co-op Mortgages. 

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3 Replies
MarilynG1
Expert Alumni

Our mortgage interest is from a common mortgage for our cooperative, for repairs to the building, not for our unit. Is this a home equity loan?

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."

 

Click this link for more info on Co-op Mortgages. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
EllenB1
Returning Member

Our mortgage interest is from a common mortgage for our cooperative, for repairs to the building, not for our unit. Is this a home equity loan?

Hi - when I'm entering the information for my common mortgage for our cooperative, it asks if someone co-owns the loan. Should I say yes? And if so, it asks for the name and address of the other person who helps pay the loan - which is all of the other shareholders in the cooperative. What should I enter?

ThomasM125
Expert Alumni

Our mortgage interest is from a common mortgage for our cooperative, for repairs to the building, not for our unit. Is this a home equity loan?

You would answer no to the question regarding co-owners, since the form 1098 is only reporting your share of the interest.

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**Mark the post that answers your question by clicking on "Mark as Best Answer"
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