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Old 02-15-2015, 02:48 PM
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Co-op owner with two 1098 forms

I can't figure out how to claim correct amount under Schedule A as a homeowner, specifically a co-op owner. I received two 1098 forms, one from the bank that holds mortgage, another from my co-op. On bank's, in box 1, is Mortgage interest received from payers/borrowers. That is $11,214. (I have no points/MIPs.) On the 1098 from co-op, there is also amount in box 1 ($725.40), along with an item in Box 5 that states R/E Taxes, $2,341.50. So, do I combine the two Box 1 amounts and put under Line 10 (Home mortgage interest)? And does that R/E Tax amount go under Taxes I Paid, real estate taxes (Line 6)?



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Old 02-15-2015, 04:52 PM
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I can't figure out how to claim correct amount under Schedule A as a homeowner, specifically a co-op owner. I received two 1098 forms, one from the bank that holds mortgage, another from my co-op. On bank's, in box 1, is Mortgage interest received from payers/borrowers. That is $11,214. (I have no points/MIPs.) On the 1098 from co-op, there is also amount in box 1 ($725.40), along with an item in Box 5 that states R/E Taxes, $2,341.50. So, do I combine the two Box 1 amounts and put under Line 10 (Home mortgage interest)?========>> Correct;A cooperative housing corporation is an interest recipient and must file Form 1098 to report an amount received from its tenant-stockholders that represents the tenant-stockholders' proportionate share of interest . unless you itemize deductions on Sch A of 1040, you can never claim mortgage interest exp/real estate taxes or repairs or etc. you may only claim the amount you actually paid; If you plan to take the standard deduction, you don't need to worry about the 1098.

And does that R/E Tax amount go under Taxes I Paid, real estate taxes (Line 6)?===========>>correct you need to report r/e taxes reported on your 1098 box 5 on line 6 of Sch A of 1040.



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Old 02-15-2015, 06:11 PM
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Thanks Wnhough. So would you suggest doing taxes both ways -- using standard deduction and with itemized -- to see which gets the most $$ back? I didn't realize that standard deduction meant you couldn't claim anything additional such as RE taxes and mortgage deduction. thanks.



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Old 02-16-2015, 03:36 AM
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Originally Posted by nycedit View Post

#1;So would you suggest doing taxes both ways -- using standard deduction and with itemized -- to see which gets the most $$ back?


#2; I didn't realize that standard deduction meant you couldn't claim anything additional such as RE taxes and mortgage deduction. thanks.
#1;you CAN NOT claim both itemized dedcutions and standard deductions at the same time;You can either claim the standard deduction or itemize your deductions .However, your itemized deductions might total less than your standard deduction. If so, you can still itemize deductions rather than claim the standard deduction. You might want to do this if you'd pay less tax. This can happen if you itemize on your state return and get a larger tax benefit than you would if you claimed the standard deduction on your federal return

#2;you are correct; as said only your itemized deduxctions on Sch A is larger than your standard dedcution, then you can claim your itemized deductions , if not , then you mUST claim your std dedcutions over itemized deductions;



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