1098 form from COOP

[Happyduck25]

Hello, 

I received a 1098 form from my coop.  I'm not sure what to answer in Turbo Tax.  I pay my maintenance and am otherwise not responsible for the the loan.

How should I go about answering this questions?  

1. Do any uncommon situations apply?

Someone co-owns this loan, and I only pay a portion of it.

The seller is financing this loan and I didn't receive a 1098.

None of these apply.

2. What kind of property is this loan for?

Primary home This is where you live most of the time—can be a house, condo, mobile home, or other property types.

Second home This is usually a vacation home. It can be rented out part-time as long as you live there for a certain amount of time each year.

Other This includes rentals you don’t live in and business properties.

3. Did you pay points in 2022 when you took out the loan?

I paid points when I refinanced, purchased a second home, or opened a home equity loan in 2022.

I have already deducted all the points I paid in 2022, or I didn't pay any points.

4. Is this 1098 the most recent for your loan?

 If you only have one 1098, select Yes.

When you refinance or your lender sells your loan, you’ll get 1098s for the original and the new loan. When this happens, we need to know which is the most recent.

Yes

No

5. Let’s get some details about this loan

This helps us know how much interest you can deduct this year. Learn more

This loan is a home equity line of credit (HELOC).

This loan is a refinance of a previous loan.

This loan is neither of these.

[MonikaK1]

According to the IRS instructions for Form 1098, a cooperative housing corporation is an interest recipient and must file Form 1098 to report an amount received from its tenant-stockholders that represents the tenant-stockholders' proportionate share of interest described in section 216(a)(2). This rule applies only to tenant-stockholders who are individuals and from whom the cooperative has received at least $600 of interest during the year. 

 Unlike condo owners, co-op owners own shares in the corporation, allowing them to deduct these expenses on their personal tax returns.

To answer the questions in the Form 1098 section of TurboTax:

1. On the page "Do any of these situations apply?" choose "Our names are not on the 1098."
2. Enter the Coop Name and Address.
3. Enter your portion of the mortgage interest, adjusted for any patronage dividends if applicable.
4. Enter your portion of the outstanding mortgage principal (or estimated).
5. Enter the mortgage origination date (or the date you moved in).
6. It is the most recent version of Form 1098, it's not a refinance, and you've used it exclusively for your primary home (if that's the case).

Contact the issuer if you have any questions about the entries on the Form 1098.

[Happyduck25]

Thank you.  The Coop's name is listed as the recipient/Lender. My name is listed in the payer's/borrower's name.  The last 4 of my SSN are listed on the Payer's/Borrowers' TIN.  My apt is listed on Street address.

Should I answer anything differently?

I don't see an option for: On the page "Do any of these situations apply?" choose "Our names are not on the 1098."

The below questions are being listed.  Should I delete my current answer and leave the below blank?

1. Do any uncommon situations apply?

Someone co-owns this loan, and I only pay a portion of it.

The seller is financing this loan and I didn't receive a 1098.

None of these apply.

2. What kind of property is this loan for?

Primary home This is where you live most of the time—can be a house, condo, mobile home, or other property types.

Second home This is usually a vacation home. It can be rented out part-time as long as you live there for a certain amount of time each year.

Other This includes rentals you don’t live in and business properties.

3. Did you pay points in 2022 when you took out the loan?

I paid points when I refinanced, purchased a second home, or opened a home equity loan in 2022.

I have already deducted all the points I paid in 2022, or I didn't pay any points.

4. Is this 1098 the most recent for your loan?

 If you only have one 1098, select Yes.

When you refinance or your lender sells your loan, you’ll get 1098s for the original and the new loan. When this happens, we need to know which is the most recent.

Yes

No

5. Let’s get some details about this loan

This helps us know how much interest you can deduct this year. Learn more

This loan is a home equity line of credit (HELOC).

This loan is a refinance of a previous loan.

This loan is neither of these.

Thank you for your help.

[MonikaK1]

You should answer all of the questions. If TurboTax accepts the answers and allows you the full amount of the interest on your 1098 (assuming that your portion of the property's loan is less than $750,000 if not filing a Separate return), then your answers should be fine.

For the 2025 tax year, you can deduct mortgage interest on up to $750,000 of mortgage debt ($375,000 for married filing separately) if your loan was taken out after Dec. 15, 2017. If your loan was taken out on or before this date, you can deduct interest on up to $1 million in debt ($500,000 if married filing separately)

See this TurboTax tips article for more information.

@Happyduck25 

[Happyduck25]

Thank you.

I am confused on how to answer the questions that turbo tax is asking.  Would you be able to advise on the below questions?

1. Do any uncommon situations apply?

Someone co-owns this loan, and I only pay a portion of it.

The seller is financing this loan and I didn't receive a 1098.

None of these apply.

2. What kind of property is this loan for?

Primary home This is where you live most of the time—can be a house, condo, mobile home, or other property types.

Second home This is usually a vacation home. It can be rented out part-time as long as you live there for a certain amount of time each year.

Other This includes rentals you don’t live in and business properties.

3. Did you pay points in 2022 when you took out the loan?

I paid points when I refinanced, purchased a second home, or opened a home equity loan in 2022.

I have already deducted all the points I paid in 2022, or I didn't pay any points.

4. Is this 1098 the most recent for your loan?

 If you only have one 1098, select Yes.

When you refinance or your lender sells your loan, you’ll get 1098s for the original and the new loan. When this happens, we need to know which is the most recent.

Yes

No

5. Let’s get some details about this loan

This helps us know how much interest you can deduct this year. Learn more

This loan is a home equity line of credit (HELOC).

This loan is a refinance of a previous loan.

This loan is neither of these.

[MonikaK1]

Based on your description of the situation, I recommend that you answer these questions as follows:

1. Since you have a 1098 that applies only to your portion of the loan, and includes your information as the borrower, you can answer "None of these apply".
2. If this co-op property is your primary home, then select that option.
3. Since you were not the borrower who took out the loan, presumably you didn't pay any points so answer No.
4. If you only received one 1098 for tax year 2025, select Yes.
5. Since this loan is just for your home, and you are not the originating borrower, select "This loan is neither of these".

@Happyduck25