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Updated about 2 years ago on . Most recent reply

User Stats

99
Posts
103
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Andrew Gingerich
  • Rental Property Investor
  • Wenatchee, WA
103
Votes |
99
Posts

529 Tax deduction to offset rental income in MI for out of state

Andrew Gingerich
  • Rental Property Investor
  • Wenatchee, WA
Posted

Hi there, I am seriously considering buying an investment property in Michigan north east of Detroit. I am wondering if I put the cash flow from the investment property into my children's MESP 529 account can I reduce my taxable state income liability? What is the tax rate in Michigan on net cash flow? And can I reduce my tax liability even tough I am not a resident of Michigan. I live in Washington State. I assume I would have to start filing a MI state income tax return if I invest in MI?

#Michigan #529MESP #MichiganCPA #Michiganstateincometax

Thanks!

Most Popular Reply

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3,854
Posts
3,158
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Ashish Acharya
#2 Tax, SDIRAs & Cost Segregation Contributor
  • CPA, CFP®, PFS
  • Florida
3,158
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3,854
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Ashish Acharya
#2 Tax, SDIRAs & Cost Segregation Contributor
  • CPA, CFP®, PFS
  • Florida
Replied

No you cannot. 

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