Change to Tax Form by IRS Does NOT Impact Co-op City Shareholders

Renay
Guest Group

Ok but in the turbo tax program, when you try to input line #2, outstanding mortgage principal, which is a ridiculously high number of almost $600 million, the tax program says that number is too high and it will not allow you to enter the value. Do I just leave boxes (2 and 5) off my tax form altogether?

Administrator
Contact Me
Admin Group

Change to Tax Form by IRS Does NOT Impact Co-op City Shareholders

A tax form that Riverbay Corporation sends out to Co-op City apartment shareholders each year may look different, but nothing has changed regarding how it affects your individual tax return.

The form, 1098, is sent out each year to indicate the share of Riverbay Corporation's real estate tax and mortgage interest that each Coop City cooperator pays as part of their annual carrying charges. Those two numbers are still on the form as always.

The IRS now requires three additional numbers on the 1098 form – the outstanding mortgage principal, the mortgage origination date, and the mortgage insurance premiums.

None of these numbers affect a shareholder's individual tax return, according to the Riverbay Finance Department.

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