Wyoming Tax Advantages

There are numerous reasons why those who live in Jackson Hole have chosen to have their primary residences here. Some of those reasons are emotional, such as the sheer beauty of the natural surroundings and the overall quality of life. Other reasons are more practical in scope and include Wyoming’s overall tax-climate benefits, when compared to all other states. For years, Bloomberg has rated Wyoming as the most tax-friendly state in the United State. Here are the 10 top tax benefits offered by Brian Jones, a senior vice president at Bank of Jackson Hole.

NO STATE INCOME TAX

With no state tax on personal or corporate income, “you have more disposable income,” Jones says.

NO INHERITANCE TAX OR STATE TAX

“Wyoming repealed its estate tax as of January 1, 2005,” Jones says.

NO STATE GIFT TAX

“Somebody who owns property in Wyoming can ‘gift’ that real estate to their heirs without having to worry about paying a state gift tax,” Jones says.

DYNASTY TRUSTS

In Wyoming, you can shield your real estate from federal estate taxes for up to 1,000 years through a dynasty trust. “You can establish a trust in Wyoming for the benefit of your family or other beneficiaries,” Jones says. “You can transfer your real estate into a limited liability company or family partnership and then put that into the dynasty trust.” 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.

LOW PROPERTY TAXES

“Wyoming has very low property taxes compared to other states,” Jones says. “The taxes that you do pay here are based on the assessed value of the property.”

NO TAX ON OUT-OF-STATE RETIREMENT INCOME

“A lot of people in Jackson Hole use Wyoming as a second home,” Jones says. “They have retirement income that comes from other states where they may be a resident. Wyoming doesn’t tax that retirement income that’s earned outside of Wyoming, which is certainly beneficial.”

NO EXCISE TAXES

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

NO TAX ON MINERAL OWNERSHIP

“A lot of states charge owners a tax on their mineral ownership, but Wyoming does not,” Jones says. “If you own minerals, you won’t pay tax on it like you would your home.”

NO INTANGIBLE TAXES

Wyoming doesn’t make you pay a tax on financial assets like stocks and bonds.

NO TAX ON THE SALE OF REAL ESTATE

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CHRISTY GILLESPIE

Associate Broker
Cell (307) 413-5242
Office (307) 732-7610
christy@jhexperts.com.com

GARTH GILLESPIE

Sales Associate
Cell (307) 413-5243
Office (307) 732-7611
garth@jhexperts.com

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Christy & Garth Gillespie is a team of real estate agents affiliated with Compass Real Estate, a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.