IRS Section 216 Tenant Stockholder of COOP

[Sparkydude]

I can't find and Turbotax "experts" were not able to help with entering the Section 216 tenant shareholder of COOP apartment deduction. Any help appreciated.

Thank you,

Scott

[IsabellaG]

If you are saying that you own a coop, and you make payments that are allocated to mortgage interest and taxes, you can deduct those amounts as Itemized Deductions on your tax return. There is no special line for a Section 216  tenant shareholder  deduction. 
 

Instead, you would enter your share of these expenses in the appropriate sections of TurboTax.  

• Enter your share of Mortgage Interest "interest on debt contracted in the acquisition, construction, alteration, rehabilitation, or maintenance of such building, houses, or land" in Deductions and Credits, under Your Home, in Mortgage Interest and Refinancing.
• Enter your share of Real Estate Taxes under Your Home, in Property (Real Estate) Taxes.
  
   

[Sparkydude]

Thank you Isabella. I believe the 216 deduction is not subject to the SALT limit so placing it with other real estate taxes in Turbotax doesn’t work. In the past 8 yrs my accountant enters it as a separate item on schedule A and labels it “216 deduction”. Is there any method to do so in Turbotax?

Thank you again for responding.

Scott

[IsabellaG]

According to my research, Real estate taxes paid through a coop are subject to the SALT limit. 
 

Here are two of my sources:

IRS Explains Application of SALT Deduction Limit to Tenant-Stockholder

Deduction of Taxes, Interest and Depreciation by Tenant-Stockholder of Cooperative Housing Corporati...

[bkhalitov]

Hi Isabella, 

I am trying to enter my share of mortgage interest as tenant-shareholder of a COOP but can't seem to find the place where to include it in TurboTax. You mentioned the following in your post a year ago:

• Enter your share of Mortgage Interest "interest on debt contracted in the acquisition, construction, alteration, rehabilitation, or maintenance of such building, houses, or land" in Deductions and Credits, under Your Home, in Mortgage Interest and Refinancing.

Unfortunately I can't seem to find this "interest on debt contracted in the acquisition...." section. I also don't have a 1098 form which I guess is required to fill out the Mortgage Interest and Refinancing section. Can you please clarify where I can input this info? Thank you!

[RobertB4444]

You would need to contact the Coop board and request a statement breaking out your interest and taxes from the monthly payments that you are making.  Then you can enter those amounts as though you had received a 1098.

@bkhalitov