Contribute to 529 plan to offset state taxes on rental property?
I live in California however own an investment property in Ohio. I may end up paying Ohio state tax in the profit from the investment property (even with depreciation and expenses). Would it be worthwhile to contribute to an Ohio 529 plan to get credit towads ohio state taxes generated by the investment property?
California doesn't provide tax exemptions for 529, so would I still have to pay taxes in California on the income that was exempt in Ohio?
would this only work if the property is in my name, what if I later transfer it to a trust or LLC?