Question

Owned cooperative apartment (coop/co-op) for only part of the year

Forum|Forum|3 years ago
March 26, 2023
1 reply
0 views

We sold our coop half way through the year but received the annual real estate tax and mortgage interest rate per share from the management company. Normally I multiply this rate by our shares to report our mortgage interest paid and real estate taxes but given we were only in the apartment 6 months of the year, does anyone know if I should take the rate x shares and then divided by 12 months to get a monthly amount and prorate it? I can’t find anything about this online.

E

ErnieS0

Yes, prorate your real estate tax and mortgage interest for the period of time you owned your co-op.

Real estate taxes and mortgage interest are generally divided so that you and the seller each pay taxes for the part of the property tax year you owned your residence. Your share of these taxes is fully deductible if you itemize your deductions.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"