So I have been attempting to devise a way to go back to school in a cost effective manner. I enjoy what I do but I really want to continue learning. Unfortunately, like many on here I am
cheap money conscious.
One of my rentals is at a point where I am comfortable selling it and I believe that I can profit somewhere between $75k-$100k on it. Now, I don't want to hand any of it over to the tax man but rolling it into another building at this point isn't in my scope either. I would just rather keep it than go through that trouble.
What I would like to do is put all of or most of this money into a 529 plan and use it to go back and get my masters and doctorate. I've been searching the web though and I'm having trouble finding information about doing this.
So here are my questions:
- First, can I even roll any my profits into a 529 plan to avoid taxes.
- Is there any special requirements for the state of Ohio.
- Is there a better solution that I am overlooking.