Tax Benefits

Wyoming Is One of the Most Tax-Friendly States

There are plenty of reasons to be thankful for owning a home in Jackson Hole, Wyoming: the mountains, the rivers, two national parks and three ski resorts, art galleries and restaurants, a charming Western-style downtown, and a close knit, philanthropic-minded and fun loving community. As enviable as our lifestyle is here, reality does intrude occasionally, as it will in mid-April when we pay our taxes. But even in that area, we as Wyoming residents are better off than most. After all, Wyoming has been cited by Bloomberg Wealth Management magazine as the most tax friendly state in the country. We can stretch our hard-earned dollars further, whether buying real estate, leaving property to our heirs or buying a new mountain bike.
  • Wyoming real estate sales are not taxed.
  • With no state tax on personal or corporate income, you have more disposable income.
  • In Wyoming, you can shield your real estate from federal estate taxes for up to 1,000 years through a dynasty trust, which can be established in Wyoming 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 dynasty 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.
  • People in Jackson Hole who use Wyoming as a second home may have retirement income that comes from other states where they are a resident. Wyoming does not tax that retirement income earned outside of Wyoming, and if the participant is a resident of Wyoming when they take that income then the original state cannot tax that income either.
  • Somebody who owns property in Wyoming can ‘gift’ that real estate to their heirs without having to worry about paying a state gift tax.
  • Wyoming does not assess any state inheritance tax. Wyoming repealed its estate tax as of January 1, 2005.
  • Wyoming has very low property taxes compared to other states. The taxes that you do pay here are based on the assessed value of the property.
  • When you fill up your car with gas or buy a bag of groceries in Wyoming, you will not pay any state tax on your gas or food.
  • Many states charge owners a tax on their mineral ownership, but Wyoming does not.
  • Wyoming doesn’t make you pay a tax on financial assets like stocks and bonds.

Work With Michael

He brings a dedicated, hard work ethic, a strong value of personal relationships, and a skilled yet balanced business background to his Real Estate profession. Michael’s unique skills make him successful in both Residential and Commercial Real Estate.

Let's Connect

Contact Details

Michael Pruett

Phone

(307) 413-2700

Email

[email protected]

Address

155 W Gill Ave. PO Box 12783 Jackson, WY 83002

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