Essay
When filing their Federal income tax returns, the Youngs always claimed the standard deduction. After they purchased a home, however, they started to itemize their deductions from AGI.
a. Explain the reason for the change.
b. Suppose they purchased the home in November 2017, but did not start itemizing until tax year 2018. Why the delay as to itemizing?
Correct Answer:
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a. The interest on the home mortgage and...View Answer
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