Yes. Even though there is an age limit for making deductible IRA contributions, there is no age limit for making a conversion from a traditional IRA to a Roth IRA. There is no need to have earned income in the year in which the conversion is made. Of course, income resulting from the conversion must be recognized, which could impact whether and to what extent Social Security benefits are includible in gross income.
An individual who, because of his or her real estate activity, qualifies to deduct rental losses from nonpassive income.