I plan to buy a second home which I will eventually pass on to my son. He will be living there and his name is on the title. The loan is only in my name but he will be paying the mortgage. I get no payment from him. My goal is to claim the mortgage as a deduction. He cannot benefits from the mortgage interest deduction as it will be less than the standard deduction for a married couple Is this legal.
No, it is not legal for the person not actually making the mortgage payments to claim the interest. If your son makes the payments, he claims the interest. If the total of all his itemized deductions do not exceed his standard deduction, then that's just to bad really.
Remember, for 2018 the standard deduction for a single person is $12,000 and for a married couple is $24,000.