I was told you can deduct 50% of a coop maintenance fee. where do I input this on my tax return

[yudi145726]

I have a shareholders information form that says I own 975 shares and my share deductions are 4.0202 of mortgage interest and 2.7910 of real estate tax. how do I make the correct calculations and where would I input them

[momi1090]

hi i think i put wrong amount

[IsabellaG · Accepted solution]

You can't just take 50% of your coop fees and deduct them. You can deduct the part of your fees that went to deductible mortgage interest and taxes.

Is the 4.0202 figure for the mortgage interest a dollar per share figure?

 If that's the case, then 4.0202 x 975 shares = $3919.70 , which would be the amount of the maintenance fee that represents the mortgage interest on the coop building's mortgage.

You would make the same calculation for real estate tax.

Enter your Mortgage interest in Federal Taxes >Deductions and Credits.

Scroll down to Your Home and choose Mortgage Interest and Refinancing.  You can enter this separately from any interest reported to you on a Form 1098 for your personal mortgage.

Real Estate Tax is also found under Your Home. Choose Property Taxes.

[monicayoungling]

Is this changed or the same as far as 2020 taxes?

[IsabellaG]

This way of computing how much of your coop fees are deductible as mortgage interest and taxes has not changed. The real estate tax deduction and the mortgage interest deduction limitations remain the same as for 2018.

[TaxesAreHard1021]

So my 1098 from my Co-Op has Boxes 1 and 10 filled out - Mortgage Interest and Real Estate Taxes.  but the Outstanding Mortgage Principal is empty - Box 2.  How do I fill this out for my taxes?

[JamesG1]

Are you able to determine the outstanding balance through the lender or the issuer?

The information is needed for the software to make the proper calculations for the deductible portion of mortgage interest.  This calculation changed for the 2018 tax return.

See here and here.

[aomongelluzzo]

This was very helpful!

QQ: Should I be entering the "Interest Paid" (shares x $XX.XXX) and "Real Estate Taxes" (shares x $XXX.XXX) in the "Mortgage Interest and Refinancing (Form 1098)" or "Property (Real Estate) Taxes" under "Your Home"?

Guessing I have to add up the total of the "Interest Paid" and "Real Estate Taxes" and put that total in the "Property (Real Estate) Taxes" section under "property tax on your main home" and then the info I received on the 1098 from my management company in the "Mortgage Interest and Refinancing (Form 1098)" but it seems opposite in what you said, so want to confirm. Thanks! 

[JRPHOTO]

how do i get live help from a TurboTax Business expert?

[sinorientl]

Hi There,

I reviewed your answer but stumbled because I did not receive a 1098 form from my coop. When I checked Turbo tax following every possibility under mortgage interest deduction, I cannot found anything I can enter without a 1098 form. Help!!

[JotikaT2]

You can still deduct the portion of the mortgage interest you paid if you are financially responsible for the loan even if you do not receive a Form 1098.

Deducting mortgage interest without a 1098 statement

Just follow through the screens and enter the information.  You may be able to refer to your statement as of December 31st as well to get the loan balance and mortgage interest portion paid during the year.  You can also contact the co-op to request this information if you do not have a statement available.  

You can enter your mortgage interest into the program in the federal section of the program.

1. Select Deductions & Credits
2. Select Mortgage Interest and Refinancing (Form 1098) 
3. At the bottom of the next page, select Add another 1098
4. Be sure to answer the questions carefully to ensure you are able to claim all of the mortgage interest allowed.  

See the following link for more information as to when you can deduct your mortgage and any limits that could apply, if any.

Mortgage interest deduction