Tax Advantages

Wyoming Tax Advantages:

The Lure of the Opulent.

The advantages of owning property in Jackson Hole are truly endless. Some of which include: the meandering rivers and striking mountain ranges, three ski resorts, five designer golf courses and country clubs, four season recreation, instantly accessible back country, abundant wild life, two national parks, a posh art, spa, and culinary scene, a historic old American West downtown, and a likeminded, empathetic community that’s elevated in every way from fitness level to being engaged in some of the most successful philanthropy on the planet.


However, although many can’t imagine a more attractive nirvana, there’s one more factor that has lured the discerning, sophisticated buyer for years. Bloomberg Wealth Management Magazine has cited Wyoming as the most tax friendly state in the country.

Here are a few more benefits to owning property in Jackson Hole.

NO TAX ON THE SALE OF REAL ESTATE
Wyoming real estate sales are not taxed.


NO STATE INCOME TAX
With no state tax on personal or corporate income, you have more disposable income.


DYNASTY TRUSTS
In Wyoming, you can shield your real estate from federal estate taxes for up to 1,000 years through a dynasty trust, which can be established in Wyoming 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 dynasty 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.


NO TAX ON OUT-OF-STATE RETIREMENT INCOME
People in Jackson Hole who use Wyoming as a second home may have retirement income that comes from other states where they are a resident. Wyoming does not tax that retirement income earned outside of Wyoming, and if the participant is a resident of Wyoming when they take that income then the original state cannot tax that income either.


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.


NO INHERITANCE OR ESTATE TAX
Wyoming does not assess any state inheritance tax. Wyoming repealed its estate tax as of January 1, 2005.


LOW PROPERTY TAXES
Wyoming has very low property taxes compared to other states. 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 with gas or buy a bag of groceries in Wyoming, you will not pay any state tax on your gas or food.


NO TAX ON MINERAL OWNERSHIP
Many states charge owners a tax on their mineral ownership, but Wyoming does not.


NO INTANGIBLE TAXES
Wyoming doesn’t make you pay a tax on financial assets like stocks and bonds.

Extraordinary achievements have been gained from our financial incentives. Colby has given Jackson Hole presentations at L.A. based affiliate brokerages where the agents were left in “awe”, humorously asking “Is this place in America?” This tax relief insight proves to be invaluable for their clients and others based in high tax rate markets.


Colby invites you to contact him about our unique destination.

Work With Colby

Colby applies the principles and work ethic he learned through sport and his impressive circle of mentors to ensure he creates the highest value for his clients.

Follow Us