This may be obvious for some, not for me.
If my retirement income is comprised solely of long and short term capital gains, can I continue to itemize my deductions which would include property taxes and mortgage interest?
The reason I am asking is because I am trying to estimate my effective tax rate and tax liability in retirement.
And if all of my income while in retirement came from savings, then there would no income tax liability, right?
And if my income in retirement comes from a 72t election, or from a pension or social security, then the majority of that income would be taxed at then current income tax rates?
Thanks for the insight.
If my retirement income is comprised solely of long and short term capital gains, can I continue to itemize my deductions which would include property taxes and mortgage interest?
The reason I am asking is because I am trying to estimate my effective tax rate and tax liability in retirement.
And if all of my income while in retirement came from savings, then there would no income tax liability, right?
And if my income in retirement comes from a 72t election, or from a pension or social security, then the majority of that income would be taxed at then current income tax rates?
Thanks for the insight.