Purchasing SFH as Vacation Home with Family, Who Claims Interest?

[Christina Mahesse]

Ok, so my family and I (my parents, myself, an aunt & uncle, & a cousin) are looking to purchase a vacation home to be shared by all of us. If we all own a share of it, who claims the interest paid on their taxes? 

Thanks in advance!

[Michael Plaks]

@Christina Mahesse

The person on the title and on the mortgage may or may not be the only one entitled to the interest deduction.

It would be all the people who are legally required to make the interest payments and are actually making these payments. For example, if your family agreed that 6 of you are legally responsible for that loan, and you do divide the payments 6-way, then each of you would be entitled to 1/6 of the deduction.

What constitutes a legal responsibility for the payments is a question for a FL attorney. It may or may not be reflected on the mortgage documents.