Question

NYC Housing Co-Op 1098

Forum|Forum|4 years ago
February 13, 2022
1 reply
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I am a first time itemizer as my husband and I completed our first full calendar year in a housing cooperative in NYC.

Like expected, we have received a letter from the board with our per share deductions for interest and real estate taxes. We are set on deducting the real estate taxes less any abatements we received, but what is confusing is the interest deduction on the mortgage our building took out.

On the 1098 for the mortgage, there is a value in box 1 that is considerably higher than the per share interest deduction * our number of shares. However, this value (interest per share * our number of shares) is in box 10. Do we deduct the value in box 1 and the value in box 10? Only the value in box 10?

TurboTax Premier Online

LenaH

As per ToddL99,

Enter the two interest components separately, as if you received two (2) Form 1098s.

The 1098 Mortgage Interest Statement you received reports interest you paid on the purchase of your unit.

The "interest/share" information you received from the coop management is your share of the mortgage interest on the common-use areas of the coop (e.g. lobby, exercise/shopping areas, parking garage/lots, etc.).

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