Wyoming is a tax-friendly state for retirees, residents, business owners, and more. It’s consistently ranked at the top as one of the best tax haven states to live in. This beautiful state is filled with wildlife, wide-open space, and all the activities you could want without making you pay too much to live your life in whatever way you like.
- Bloomberg Wealth Manager Magazine – and numerous other publications – regularly cite Wyoming as the most tax-friendly state in the US. Wallet Hub ranks Wyoming as having one of the lowest state and local tax burdens in the country. 24/7 Wall Street describes Wyoming as the #2 best-run state in the U.S., while Tax Foundation marks it as the #1 best business climate.
- Wyoming often has a budget surplus of about $1 billion per year, allowing this financially-wise state to give back to its residents in the form of numerous income tax incentives and exceptionally low property taxes. The state has also decreased government spending in recent years.
- Wyoming has no state income tax, so your personal and business incomes are sheltered. With no required income taxes in Wyoming, you pay fewer taxes and have more money to spend on the things you desire.
- In 2005, Wyoming revoked estate and inheritance taxes. You can gift your property to heirs without paying tax thanks to the state’s ‘No Gift Tax.’ There is also an exemption of up to $15,000 each year for each person you gift to avoid additional taxes.
- Jackson Hole is a popular place to buy a second home. There is no taxation on out-of-state retirement incomes, allowing you to enjoy your second home while withdrawing from your retirement tax-free.
- Wyoming doesn’t tax real estate sales, so when it comes time to sell your property, you do it tax-free. With these real estate tax advantages, the state is ideal for owning a residence, business, or both.
- Wyoming has revoked the rule of perpetuities, allowing established trusts to continue up to 1,000 years. These trust assets are free of federal estate taxes and the income from the trust is not taxed by the state. Wyoming also offers easy trust reformation and flexible trust laws compared to other states.With the extensive tax advantages of owning real estate in Wyoming, it has become a destination for many to call home, whether young or old. It’s one of the most tax-friendly states in the country with no income tax, no estate or inheritance tax, and no real estate sales tax. If you’re considering relocating to Wyoming for retirement or other purposes, it might be one of the best decisions you make.
Interested in making the move to Wyoming? Call Prugh Real Estate. We want to help.