When You Own a House as a Primary Residence

question 65

Multiple Choice

When you own a house as a primary residence,

• A) it is always best to itemize deductions on your tax return.
• B) your property taxes are not deductible.
• C) you get a straight $5,000 deduction.
• D) interest and taxes may increase your allowable deductions to the point where it is beneficial to itemize them.

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Definitions:

Risky Shift

The tendency for groups to make decisions that are more extreme or riskier than the initial inclination of its members.

Collective Wisdom

Collective Wisdom is the comprehensive insight or knowledge derived from the collaborative thinking and experience of a group of individuals, surpassing the understanding of any single member.

Devil's Advocate

A person who expresses a contentious opinion in order to provoke debate or test the strength of opposing arguments.

Groupthink

A psychological phenomenon occurring within a group of people, where the desire for harmony or conformity results in an irrational or dysfunctional decision-making outcome.