Tax Benefits of Wyoming Residency
The views and recreational amenities are not the only draws to life in Teton County. Wyoming is one of the more progressive states in regard to helping its residents shield their income from excessive taxation. * Benefits of Wyoming Residency include:
1) Wyoming residents benefit from the State’s “Triple Tax Free” status that provides relief from Income, Estate and Gift taxation. More specifically:
- Wyoming has no tax on personal or corporate income.
- Wyoming repealed its estate tax in 2005, allowing families to keep more of the product of their life’s work.
- Wyoming real estate can be gifted from it owners to their heirs without State taxation.
2) Wyoming does not tax out-of-state retirement income. Retirement income can provide the means for an enjoyable post-work life with a backdrop of the Tetons. Wyoming does not lay claim to retirement income that is generated outside of state boundaries.
3) Wyoming does not tax intangible assets. Financial assets such as stocks and bonds are exempt from taxation by the State of Wyoming.
4) Ease of securing Wyoming residency. In consideration of the above-enumerated excellent benefits, one might think that becoming a Wyoming resident is a difficult process. This is not the case. After living in Wyoming for a day, the newly emigrated can obtain a driver’s license and register to vote. These are often important hurdles to cross in the eyes of revenue departments of former home states. Teton County has an established community of tax planning professionals that can assist you in the accurate representation of Wyoming as your new home.
*A tax planning professional should always be consulted to gain a full understanding of the implications of tax regulations to your particular circumstances.