Otherwise, you'll save more tax dollars by foregoing the home mortgage interest deduction and claiming the standard deduction instead. Complete Schedule A and compare the total of your itemized deductions to your standard deduction to find out which method is most advantageous for you.
How long a patent lasts depends on the type of patent being issued and the country issuing the patent. For example, under recent changes in the laws, in the United States, patents are now granted for a term of 20 years from the date of application (14 years for design patents).
How Long to Keep It: Wills and property trusts: Until updated: Date-of-death home value record for inherited home, and any rules for heirsâ use of home: As long as you or spouse owns the home + 3 years: Original ownersâ purchase documents (sales contract, deed) for home given to you as a gift: As long as you or spouse owns the home + 3 years