CLIENT Client Master (1098 Setup)

General - Corporate - Contacts - State ID - W-2 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

Client Master - 1098 Setup Page

 

group1098 Cooperative Housing Information Group

Enter the Total Shares, Mortgage Origination Date, Mortgage Acquisition Date (if applicable), Mortgage Principal as of January 1, 2019*, Total Amortization, Total Mortgage Interest, Total Real Estate Taxes, and Total Capital Reserve Fund for reporting year 2019. 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 01/01/2019. If the mortgage originated in 2019, enter the mortgage principal as of the origination date. If the mortgage was acquired in 2019, 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.

 

note Notes

 

If specified, the Mortgage Origination Date will be written to each payer's 1098.
See the Apportion selection on the File menu of Form 1098.

 

group1098 Print Options Group

 

bullet_boxSuppress printing apartment number

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.

 

bullet_boxPrint apartment ownership information

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).