Jackson Hole, Wyoming Real Estate For Sale
There are numerous reasons to purchase real estate in jackson hole wyoming. 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. In today’s economic climate, it may be an excellent time to explore jackson hole wyoming real estate for sale.Here are the 10 top tax benefits offered by Brian Jones, a senior vice president at Bank of Jackson Hole. Many of these benefits are related to real estate jackson hole Wyoming.
- No state income tax: With no state tax on personal or corporate income, "you have more disposable income," Jones says.
- Dynasty trusts: In Wyoming, you can shield your Jackson Hole Wyoming 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 real estate in Jackson Hole, 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.
- No inheritance tax or estate tax: "Wyoming repealed its estate tax as of January 1, 2005," Jones says.
- No state gift tax: "Somebody who owns real estate in Jackson Hole Wyoming can 'gift' that real estate to their heirs without having to worry about paying a state gift tax," Jones says.
- 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." Another benefit of real estate jackson hole Wyoming.
- Low property taxes: "Wyoming has very low property taxes on real estate Jackson Hole compared to other states," Jones says. "The taxes that you do pay here are based on the assessed value of the property."
- 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 a 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 jackson hole wyoming real estate.
If you would like more information about jackson hole wyoming real estate for sale, or if you would like to speak with a local tax professional, please contact our office.
You will find real estate Jackson Hole offers an array of options to meet your financial needs.