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).
Instead, âintellectual propertyâ is the ownership interest that a person or entity may have in creations of the human mind. Ownership of intellectual property means ownership of a concept or idea rather than ownership of a parcel of property or object. Of course, as with real property and chattel, intellectual property can be sold or otherwise conveyed.