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 7 years ago

4

Please log in, in order to post replies!

4 replies

Newest Oldest

tuna-loaf | 7 years and 1 month ago

string(1) "1"
object(WP_User)#5056 (8) {
  ["data"]=>
  object(stdClass)#5003 (12) {
    ["ID"]=>
    string(6) "192251"
    ["user_login"]=>
    string(9) "tuna-loaf"
    ["user_pass"]=>
    string(34) "$P$Bw5/AGAJ6mzPMi1anSO92yILqtwx3P1"
    ["user_nicename"]=>
    string(9) "tuna-loaf"
    ["user_email"]=>
    string(22) "cvarmentrout@yahoo.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2024-02-23 09:52:29"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(61) "Your first name Your last name Your first name Your last name"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(192251)
  ["caps"]=>
  array(1) {
    ["subscriber"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(10) "subscriber"
  }
  ["allcaps"]=>
  array(3) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

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 | 7 years and 1 month ago

string(1) "1"
object(WP_User)#5055 (8) {
  ["data"]=>
  object(stdClass)#5054 (12) {
    ["ID"]=>
    string(6) "181002"
    ["user_login"]=>
    string(9) "resident2"
    ["user_pass"]=>
    string(34) "$P$BYKCrEpDU34.3RJghRPk8/Xp1XpCve/"
    ["user_nicename"]=>
    string(9) "resident2"
    ["user_email"]=>
    string(21) "Jamanda1255@Yahoo.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2017-08-10 14:07:33"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(9) "resident2"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(181002)
  ["caps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

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

tuna-loaf | 7 years and 1 month ago

string(1) "1"
object(WP_User)#5003 (8) {
  ["data"]=>
  object(stdClass)#5051 (12) {
    ["ID"]=>
    string(6) "192251"
    ["user_login"]=>
    string(9) "tuna-loaf"
    ["user_pass"]=>
    string(34) "$P$Bw5/AGAJ6mzPMi1anSO92yILqtwx3P1"
    ["user_nicename"]=>
    string(9) "tuna-loaf"
    ["user_email"]=>
    string(22) "cvarmentrout@yahoo.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2024-02-23 09:52:29"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(61) "Your first name Your last name Your first name Your last name"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(192251)
  ["caps"]=>
  array(1) {
    ["subscriber"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(10) "subscriber"
  }
  ["allcaps"]=>
  array(3) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

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 | 7 years ago

string(1) "1"
object(WP_User)#5056 (8) {
  ["data"]=>
  object(stdClass)#5057 (12) {
    ["ID"]=>
    string(6) "176774"
    ["user_login"]=>
    string(13) "dorkofwindsor"
    ["user_pass"]=>
    string(34) "$P$Bov.472kQmY8OGlKN.dDXa5nt5gnOG0"
    ["user_nicename"]=>
    string(13) "dorkofwindsor"
    ["user_email"]=>
    string(23) "dorkofwindsor@yahoo.com"
    ["user_url"]=>
    string(28) "/forums/users/dorkofwindsor/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:25:48"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(13) "dorkofwindsor"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(176774)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

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.