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).
If a patent is granted, it will expire 20 years from the filing date of the patent application. If the patent office takes longer than three years to examine and grant a patent, the term of the patent may be adjusted accordingly. In some ways it may be beneficial to the inventor to have a long wait since the life of his patent will be extended.