I pay a share of my Co-op building's mortgage. For 2018, Turbotax wants the outstanding balance at year end - is this my unit's share of balance or the total balance?

[dana-coyle]

I have a mortgage for my unit but also pay for a portion of the building's mortgage through our maintenance fees. The question for mortgage balance at end of 2018 is new. I do not know if I should be looking at the total building's mortgage balance or just my portion based on the number of shares I own in the Co-op. This information is not provided on the 1098 form.

[KrisD · Accepted solution]

Use your portion for the beginning and ending balances (Box 2 on the 1098 is beginning Jan 1, the next page in the interview asks for the ending Dec. 31. 

The program is looking for loans that increase during the year which would signal a Home Equity Line Of Credit. HELOC are treated differently starting this year. 

[ct1]

What if I do not have a personal mortgage for the unit but I received the 1098 issued by the coop reflecting the interest paid for the building mortgage through the maintenance fee. I don’t have the balance at year end on the 1098 from coop. The interview questions about the HELCO do not apply to me since the interest was based on coop mortgage. Turbotax Smart Check sees the missing number of ending mortgage principal in the Schedule A line 6 and 10 - 13 "Home Mortgage Interest Worksheet" as an error. How can I enter the amount coop interest correctly in Turbotax?  

[fanfare]

enter the same amount for beginning and ending principal. any amount will do.

[Larrd]

Should I enter the same amount in TurboTax for the end of 2018 as the beginning if the coop (not myself) refinanced?  Would the coop's refinancing qualify as a HELOC?

[educatorgal]

Why would any amount "do" for beginning and ending principal?? And what if the building refinanced their mortgage this year?

[liebscd1024]

I have a similar question - I don't know if the co-op refinanced

[sel1221]

Hi - I have a similar issue. My fathers co-op said they don't have the 1.1.2019 mortgage balance to provide. What do i enter?