1098 from Co-op. Is debt secured (Box 7 & 8)?

That’s what I figured. I finally heard back from the manager and they said to check Box 7. They said their CPA never puts anything in those boxes.

tuna-loaf

in General Discussion 6 years and 4 months ago

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tuna-loaf | 6 years and 5 months ago

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The 1098 from our co-op does not check Box 7 nor does it have an address in Box 8. I do my own taxes using Turbo Tax because they are not very complicated. Without being considered “secured” Turbo Tax won’t deduct it. I’m wondering what other people have on their 1098s. I know people will say call the building manager but they are not very knowledgeable about this stuff. They or the accountants left Boxes 2 and 3 blank as well. They are telling people to put the full building mortgage in 2 which doesn’t make sense either.

resident2 | 6 years and 4 months ago

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It sounds like you need a new management company & building accountant quick!

tuna-loaf | 6 years and 4 months ago

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We need a new board as well! Any thoughts on if the mortgage is considered secured? I’m considering just checking the box and only dealing with it if the IRS comes calling.

dorkofwindsor | 6 years and 4 months ago

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Not a tax professional. I would be surprised if it wasn’t secured. I’d go with secured until they get back to you. If they don’t I would keep secured – Its not like this is a normal business, the business of this place is real estate and it owns (or leases) the land/building. Banks don’t go around lending unsecured to co-ops AFAIK – the shareholders, board members etc come and go but the collateral stays.