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

Forum|Forum|7 years ago
June 5, 2019
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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

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Best answer by IsabellaG

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.

M

momi1090

hi i think i put wrong amount

IsabellaG

Employee

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.

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T

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?

IsabellaGAnswer