Yes, both of these expense 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 (for TurboTax Online sign-in, click Here , then select
"Take Me to My Return") or Desktop, please follow these
steps:
- Once you are in your tax
return, click on the “Federal Taxes” tab ("Personal" tab in
TurboTax Home & Business)
- Next click on “Deductions and
Credits”
- Next click on "jump to
full list" or “I’ll choose what I work on”
- Scroll down the screen until
to come to the section “Your Home”
- 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:
- Once you are in your tax
return, click on the “Federal Taxes” tab ("Personal" tab in
TurboTax Home & Business)
- Next click on “Deductions and
credits”
- Next click on "jump to
full list" or “I’ll choose what I work on”
- Scroll down the screen until
to come to the section “Your Home”
- Choose "show more",
then Property Taxes and follow the onscreen instructions
