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Hi, my name is Mark. I will be happy to help you with your questions. A SEP IRA can only be used if there is earned income. You would not be able to use the long-term capital gain from a rental property in the calculation of the amount that you could contribute to a SEP IRA.
Unfortunately you would not be able to use the $120,000 for the SEP IRA calculation.
You could contribute to a IRA.
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