Questions 153-155 refer to the following announcement.
ATTENTION RETIRING EXECUTIVES!
If you’re like the most folks, you’re retiring with a fixed, rather modest income and will try to find additional ways to increase your income. One of the ways you could increase your income is taking out a loan and buying a house or condominium. However, if the rental market declines and you don’t have a lot of savings, you could find yourself having a hard time making mortgage payments. Alsofor federal-tax purposes there is a $25,000 cap on total deductions for losses on rental property. So I would recommend that you be careful when buying rental property. Explore the market well, and review your finance situation carefully. Money doesn’t come along as easy as you may think.
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