There are plenty of reasons to be thankful for owning property in Sheridan, Wyoming: the mountains, the creeks, two polo complexes, art galleries and restaurants, a charming Western-style downtown, and a close knit, community-minded and fun loving culture.
But as carefree as our lifestyle may be, we do occasionally have to return to reality… but when we do, we’re still better off than most! Here are 10 tax-friendly reasons it’s pretty great to own property in Wyoming.
There’s No Tax on the Sale of Real Estate
There’s No Income State Tax
Working in Wyoming? Don’t plan on giving much back to the gov—there’s no personal or corporate income tax.
Create a Dynasty Trust, Avoid Real Estate Taxes
Transfer your property into an LLC, then put it into a dynasty trust to shield it from federal estate taxes for up to 1,000 years—that way multiple generations of your heirs can continue to love and make use of your property.
No Out-of-State Retirement Income
Using Sheridan as a second home but have retirement accounts set up in another state? Guess what? Wyoming won’t tax that income when you’re out of town—and when you’re in Wyoming, neither state can charge taxes on it.
No State Gift Tax
Gift your real estate to an heir and don’t worry about paying any taxes.
No Inheritance or Estate Tax
No state inheritance tax in Wyoming, at least not since 2005.
Low Property Taxes
Yes, you do still have to pay taxes on your property, but don’t worry… rates are low compared to other states, and they’re based on the assessed value of the property.
Headed to the grocery store? Filling up the gas tank? Do it tax-free in Wyoming.
No Tax on Mineral Ownership
Buyers often aren’t aware that many states do tax this, but here in Wyoming, it’s one more thing you don’t have to worry about.
No Intangible Taxes
Guess what? There’s no tax on financial assets like stocks and bonds, either. Not too shabby!
Ready to Find Your Piece of Property in the Most Tax-Friendly State?
If you’re thinking of buying a home in Wyoming, then it’s time to contact BHJ Realty. We’re here to help you explore the area, discover its beautiful neighborhoods (like Holy Cow Ranch), and find the perfect place for your vacation or retirement retreat.