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After Paying Down the Mortgage on Their Personal Residence, the Hills

question 115

Essay

After paying down the mortgage on their personal residence, the Hills have found that their itemized deductions for each year are always slightly less than the standard deduction option.
a. Explain what has happened.
b. What remedy do you suggest?


Definitions:

Ambiguous

Something that is unclear, uncertain, or capable of being understood in more than one way.

Assignment

The conveyance of rights, possessions, or duties from one individual to another.

Sublease

An agreement where the original tenant leases out the premises to another tenant, with or without the landlord’s permission.

Eviction

The legal process by which a tenant is removed from a property, usually due to failure to comply with rental agreement terms.

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