According to the Bank of Jackson Hole, there are 10 good reasons to own a home in Wyoming.<\/p>\n
1. No State Income Tax<\/p>\n
With no state tax on personal or corporate income, \u201cyou have more disposable income,\u201d Jones says.<\/p>\n
2. Dynasty Trusts<\/p>\n
In Wyoming, you can shield your real estate from federal estate taxes for up to 1,000 years through a dynasty trust. \u201cYou can establish a trust in Wyoming for the benefit of your family or other beneficiaries,\u201d Jones says. \u201cYou can transfer your real estate into a limited liability company or family partnership and then put that into the \u2018dynasty trust,\u2019 which can continue for a thousand years.\u201d 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.<\/p>\n
3. No Inheritance or Estate Tax<\/p>\n
\u201cWyoming repealed its estate tax as of January 1, 2005,\u201d Jones says.<\/p>\n
4. No State Gift Tax<\/p>\n
\u201cSomebody who owns property in Wyoming can \u2018gift\u2019 that real estate to their heirs without having to worry about paying a state gift tax,\u201d Jones says.<\/p>\n
5. No Tax on Out-of-State Retirement Income<\/p>\n
\u201cA lot of people in Jackson Hole use Wyoming as a second home,\u201d Jones says. \u201cThey have retirement income that comes from other states where they may be a resident. Wyoming doesn\u2019t tax that retirement income that\u2019s earned outside of Wyoming, which is certainly beneficial.\u201d<\/p>\n
6. Low Property Taxes<\/p>\n
\u201cWyoming has very low property taxes compared to other states,\u201d Jones says. \u201cThe taxes that you do pay here are based on the assessed value of the property.\u201d For Teton County, he says, the rate is 1.2 percent of a property\u2019s assessed value. The rate for the city of Jackson is 8\/10 of one percent.<\/p>\n
7. No Excise Taxes<\/p>\n
When you fill up your car\u2019s gas tank or buy a bag of groceries in Wyoming, you won\u2019t pay any state tax on your gas or food.<\/p>\n
8. No Tax on Mineral Ownership<\/p>\n
\u201cA lot of states charge owners a tax on their mineral ownership, but Wyoming does not,\u201d Jones says. \u201cIf you own minerals, you won\u2019t pay a tax on it like you would your home.\u201d<\/p>\n
9. No Intangible Taxes<\/p>\n
Wyoming doesn\u2019t make you pay a tax on financial assets like stocks and bonds.<\/p>\n
10. No Tax on the Sale of Real Estate<\/p>\n
Wyoming does not tax the sale of real estate.<\/p>\n","protected":false},"excerpt":{"rendered":"
According to the Bank of Jackson Hole, there are 10 good reasons to own a home in Wyoming. 1. No State Income Tax With no state tax on personal or corporate income, \u201cyou have more disposable income,\u201d Jones says. 2. Dynasty Trusts In Wyoming, you can shield your real estate from federal estate taxes for … Continue reading Top Ten Reasons to Purchase Wyoming Real Estate<\/span>