Personal & Co-Op Mortgage Interest

[gowrish]

Hi

I'm confused about where to enter my Co-Op mortgage interest share. Do I add the amount paid to my Co-Op mortgage to the amount of amount of interest paid to my personal mortgage?  I did not receive a 1098 from Co-Op but have letter with amounts paid.

Thanks much!

[DawnC]

Is the coop loan secured by your residence (primary or second home)?   In most cases, the outstanding principal on all mortgages for which you report mortgage interest would be included in the calculation of the allowable interest deduction.   So, yes, if the loan is secured, add the amount to your personal mortgage amount.  

However, if the coop interest is not paid on a secured loan for a residence, that interest would not be deductible on Schedule A.   

If the coop is a rental property, you can report the interest on Schedule E instead.