Tax Benefits

#1 Tax Friendly State in America

10 reasons to buy in Wyoming:

1. No state income tax

   Wyoming has no personal or corporate income tax, leaving you more disposable income. City of Jackson taxes are lower than most states. This ensures residents can focus on spending where they would like.

2. No state inheritance tax or estate tax

   Wyoming repealed its estate tax as of January 1, 2005. Since there is no Wyoming estate tax, transferring property to an heir saves even more money. Inheritance taxes in states that have them are different as heirs are responsible for taxes after receiving an inheritance.

3. No state excise taxes

   When you fill-up your car’s gas tank or buy a bag of groceries in Wyoming, you won’t pay any state tax on your gas or food.

4. No tax on the sale of real estate

   This is another reason Wyoming is a great place to invest in real estate.

5. No state capital gains tax

   A majority of U.S. states have an additional capital gains tax rate between 2.9% and 13.3%. Wyoming is one of the 8 states that doesn’t have them.

6. Dynasty trusts

   In Wyoming, you can shield your real estate from federal estate taxes for up to 1,000 years through a dynasty trust for the benefit of your family or other beneficiaries. You can transfer your real estate into a limited liability company or family partnership and then put that into the trust, which can continue for a thousand years. As a result, multiple generations can make use of and enjoy the property, without having to pay estate taxes or worse, having to sell the property in order to pay the taxes. A key point to remember: The trust must be administered in Wyoming.

7. No tax on out-of-state retirement income Wyoming doesn’t tax that retirement income that’s earned outside of Wyoming. This is one of many reasons that Wyoming is one of the most tax-friendly states for retirees.
8. No state gift tax

   This real estate tax benefit keeps money in the pockets of Wyoming residents. The Federal gift tax still applies with an exemption of $15,000 annually per recipient, but property owners in Wyoming can gift that real estate to their heirs without paying a state gift tax.

9. No intangible taxes. Wyoming doesn’t make you pay taxes on financial assets like stocks and bonds. The state also has no tax on bank accounts.
10. Low Property Tax

    Wyoming has very low property taxes compared to other states. Property tax varies by town or county. As an example, Teton County has an average country property tax rate of 0.613%. For someone who has a home that is worth $2,900,000, the property tax would be around $15000 on an annual basis. This is because the state assesses property at a lower rate than it does industrial and mineral production property.

All of these benefits combine to make Wyoming a state that offers significant tax advantages for residents and real estate owners. If you’re considering a move into Wyoming, Diana and her team is ready to assist you!