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

[Andrew Gingerich]

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!