Wyoming - A Tax Friendly State
Date: Feb. 26, 2008, 11:15 am
Wyoming -A Tax Friendly State
By: Stephen Koch / Art Hazen Real Estate LLC
1. No state tax on personal or corporate income.
2. 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. 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.
3. No inheritance tax: Wyoming can collect a very limited estate tax, which is tied to the federal estate tax credit.
4. No state gift tax: Property owners in Wyoming can ‘gift’ real estate to their heirs without paying a state gift tax.
5. No tax on out-of-state retirement income: Many residents call Jackson Hole their second home. 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.
6. Low property taxes: Wyoming has very low property taxes compared to other states. The taxes paid are base on the assessed value of the property. For Teton County, the rate is 1.2 percent of a property’s assessed value. The rate for the city of Jackson is 8/10 of 1 percent.
7. No excise taxes: when you fill up your car’s gas tank or buy a bag of groceries in Wyoming you won’t pay state taxes.
8. No tax on mineral ownership: many states charge owners a tax on their mineral ownership; Wyoming does not.
9. No intangible taxes: Wyoming does not tax financial assets such as stocks and bonds.
10. No tax on the sale of real estate.
If you have any questions about the strong Jackson Hole, WY real estate market, please contact me, Stephen Koch at 307.699.0202 or stephen@stephenkoch.com.
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[ Feb. 21, 2008, 11:49 am ] Special for Sellers
Stephen Koch
Office: 307-733-4339
Cell: 307-699-0202
Introduction
Stephen Koch is 'almost' a Jackson Hole local, having lived there for over
20 years. Stephen has a 100% success rate selling his listings and chose
a career in real estate after 17 years teaching and guiding
mountaineering, rock climbing and backcountry ski and snowboard trips in
and around Jackson Hole through Exum Mountain Guides.
Stephen Koch takes his responsibility of finding you the right home or property seriously. Stephen has helped thousands of individuals accomplish their dreams and looks forward to helping you accomplish your real estate goals.
Stephen Koch has been fortunate to have traveled extensively for many years as a professional athlete and mountain guide. Stephen is the
first and only person to snowboard on all Seven Summits, the highest
peak on each continent. After surviving a near fatal avalanche high in
the Tetons, Stephen started the Avalanche Awareness Foundation
(www.avalancheawareness.org), a non-profit organization dedicated to
educating students about the dangers of avalanches.
In addition to Real Estate, snowboarding, skiing, mountaineering, road and
mountain biking, Stephen most loves spending time with his wife, Saxon and
baby son, Axl Luke. Stephen is excited to guide you with selling or
purchasing real estate in Jackson Hole and the surrounding areas. For more information, visit: www.stephenkoch.com or www.jhrealestate.com
Art Hazen Real Estate LLC
P.O. Box 201
Jackson Hole, WY 83001
