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Form 1098 from Coop Missing Ending Mortgage Bal

Started by uzi900
almost 7 years ago
Posts: 9
Member since: Jun 2011
Discussion about
Hi everyone, I'm working on my taxes and was asked for the balance of the building's mortgage as of 12/31/2018. However, form 1098 provided by the co-op doesn't have the ending mortgage balance (although, it does have the starting mortgage balance). I've reached out to the managing agent (who prepared the form) but haven't heard back yet. Does anyone else have this issue? If so, how did you handle it? Thanks very much!
Response by 300_mercer
almost 7 years ago
Posts: 10570
Member since: Feb 2007

What you really need is your share of interest paid. You can assume the same ending amount as the beginning amount and it wouldn’t matter.

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Response by uzi900
almost 7 years ago
Posts: 9
Member since: Jun 2011

Thank you! I have my share of the interest that I paid so I'm set with that. According to this article: https://www.washingtonpost.com/realestate/lenders-now-must-report-more-information-about-your-mortgage-to-the-irs/2017/02/13/97110660-f211-11e6-a9b0-ecee7ce475fc_story.html?noredirect=on&utm_term=.ded9e2ff90a8, it looks like the starting and ending mortgage balance is to provide oversight for interest rate deductions.

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Response by sippelmc
almost 7 years ago
Posts: 142
Member since: Sep 2007

If you are using turbotax those begin/end balances are now required fields in the application, so this will be a common question I'm sure.

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