While you clearly have an economic loss, tax rules prevent you from deducting the decline in value from your $120,000 purchase price to the value at the time you converted the condo to rental property. What’s more, depending on the amount of depreciation claimed on the condo from the time of conversion, you may actually have a tax gain (even though you have a financial loss). Talk with a tax pro to run the numbers in your situation.
A retirement plan that pays benefits based on contributions to individual accounts, plus accumulated earnings. Contributions are generally based on a percentage of salary or earned income.