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Mara, 50 years old, generated salary income of $60,000 for taxable year 20X1. Maria did not generate any other type of income. Maria assumed
Mara, 50 years old, generated salary income of $60,000 for taxable year 20X1. Maria did not generate any other type of income. Maria assumed a mortgage loan for the purchase of her main residence. The informative return (Form 480.7A) issued by the bank indicates that Maria paid $20,000 of interest on the mortgage loan in 20X1. What amount will Maria be able to claim as a deduction for mortgage interest for 20X1?
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