Client Master (1098 Setup)
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Under the provisions of Section 216 of the Internal Revenue Code, a stockholder of a cooperative apartment is entitled to deduct from gross income a proportionate share of mortgage interest and real estate taxes paid or incurred by the cooperative housing corporation. In addition to computing each stockholder's share of mortgage interest and real estate taxes, Account Ability also computes each stockholder's share of the amortization, outstanding mortgage principal as of Jan 1, and capital reserve fund shown on the 1098 Setup Page.
Client Master - 1098 Setup Page
Enter the Total Shares, Mortgage Origination Date, Mortgage Acquisition Date (if applicable), Mortgage Principal as of January 1, 2021*, Total Amortization, Total Mortgage Interest, Total Real Estate Taxes, and Total Capital Reserve Fund for reporting year 2021. Account Ability can, at your option, use this information to apportion each payer's share of each respective amount.
* Enter the outstanding principal on the mortgage as of 01/01/2021. If the mortgage originated in 2021, enter the mortgage principal as of the origination date. If the mortgage was acquired in 2021, enter the outstanding mortgage principal as of the acquisition date.
Property Securing Mortgage Indicator Check this box if the address of the property securing the mortgage is the same as the payer’s/borrower’s mailing address. You will have the option to assign this value to each payer's 1098 during the apportionment procedure.
If checked, the Apartment number field on Form 1098 is not printed. Otherwise, the Apartment number is included on the payer's second address line.
If checked, ownership information for each cooperative apartment is printed in the Other box of Form 1098 in the format APT# MMDDYY-MMDDYY XXXXXXX, where XXXXXXX = Shares (e.g. 112A 010116-123116 4533.4). |
