Tax, SDIRAs & Cost Segregation
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Creative Real Estate Financing
presented by
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated over 2 years ago on .
Most recent reply
presented by
529 Tax deduction to offset rental income in MI for out of state
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
Ashish Acharya
#2 Tax, SDIRAs & Cost Segregation Contributor
Tax & Financial Services
Pro Member
#2 Tax, SDIRAs & Cost Segregation Contributor
- CPA, CFP®, PFS
- Florida
- 3,215
- Votes |
- 3,981
- Posts
Ashish Acharya
#2 Tax, SDIRAs & Cost Segregation Contributor
Tax & Financial Services
Pro Member
#2 Tax, SDIRAs & Cost Segregation Contributor
- CPA, CFP®, PFS
- Florida
No you cannot.
- Ashish Acharya
- [email protected]
- 941-914-7779
INVESTOR FRIENDLY CPA®
216 Reviews
5.0 stars