Tax Benefits

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.

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.

Wyoming repealed its estate tax as of January 1, 2005.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.

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.

Jackson Hole is a popular place to have a second home, and these homeowners often have retirement income that comes from other states where they are a primary resident. 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.

Wyoming has very low property taxes compared to other states. In Teton County, home to one of a kind Jackson Hole, the rate is 6/10 of a percent of a property’s assessed value. The rate for the city of Jackson is just as low.

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. Since this tax can add up, it offers another benefit for those living in this tax-friendly state.

Wyoming does not tax mineral ownership. Oil, gas, and coal companies are charged based on the minerals they remove from the ground.

Wyoming doesn’t make you pay taxes on financial assets like stocks and bonds. The state also has no tax on bank accounts and doesn’t tax retirement income earned or received from other states.

Wyoming does not tax the sale of real estate. This tax-free real estate state offers many benefits for those who choose to live and own property here.