Jackson is a small town located within Jackson Hole, Wyoming. As of the
2020 Census, the population of Jackson was 10,760. Residents of Jackson and those looking for Jackson houses for sale can enjoy incredible mountain vistas from this small but prosperous town. Are you looking for a piece of Jackson or Sublette County real estate and considering moving to a state with ample tax advantages? Then you are in luck because tax advantages are aplenty in Wyoming. Here are seven tax advantages enjoyed by Wyoming residents and available to potential buyers of houses for sale in Jackson or Sublette County real estate.
No tax on real estate sales
Are you looking for Jackson houses for sale? Perhaps you are searching for Sublette County real estate in hopes of owning a getaway home in the mountains. The great news is that owning real estate in Wyoming is incredibly affordable because real estate sales are tax-exempt in the state. There are no transfer taxes in Wyoming for transferring property from one owner to another.
Low property taxes
Wyoming’s incredibly low property taxes are another reason to get excited about your Sublette County real estate search or to begin a search for houses for sale in Jackson. Compared to other states, Wyofile notes that the property tax for homeowners in Wyoming is the 46th lowest in the country; not bad for a state with relatively low taxation for most other things.
No state income tax
There are only eight states without a personal state income tax, and Wyoming is one of those. The other seven states who forgo a state income tax include Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, and Washington. Additionally, filing a state income tax return each year is not required in the state of Wyoming.
No tax on out-of-state retirement
Wyoming has become an ideal location for retirees looking to relocate to a place where the natural beauty is as impressive as its tax benefits. The houses for sale in Jackson satiate that desire. Seniors enjoy Wyoming thanks to its stunning mountains and because they can stretch their retirement a bit further in the state. There are several benefits for those of retirement age in the state.
There is no tax on retiree earnings from social security, so those receiving a social security payout can rest easy knowing they can keep more money. However, a less common form of retirement asset, private pension, also known as a defined-benefit pension plan, incomes are also not taxed in Wyoming.
Finally, retirement plans such as 401k, 403b, and IRA accounts that use tax deferral are common among retirees. The Federal Government sets rules regarding these accounts, such as when withdrawals must be taken and how much can be withdrawn to avoid a tax penalty. Those living in Wyoming can rest assured that when they decide to withdraw money from any of these account types, the state of Wyoming will not tax the distributions.
No excise tax on gas & groceries
Another great perk of life in Wyoming is the lack of excise tax in the state, which means you will not pay an extra tax on goods you buy every day. Fill up the car with gas or pop into the grocery store to grab dinner without paying an additional tax fee.
No intangible asset taxes
Do you own stocks, bonds, mutual funds, or ETFs? If so, you are in luck in Wyoming, as you will pay no extra taxes on those accounts at the state level. Wyoming does not tax interest income on stocks and bonds, dividends on mutual funds and ETFs, nor tax capital gains from intangible assets.
No tax on real estate due to Dynasty Trust
It’s no secret that tax benefits in Wyoming are plenty. If you are hoping to score one of the Jackson houses for sale you have been eyeing, you are in luck from a tax standpoint. If you are hoping to leave your Jackson or Sublette county real estate to your children or other family members, you can take advantage of the Dynasty Trust to continue helping them for years to come.
The Dynasty Trust allows families to pass assets, such as a home, to future generations for up to 1,000 years. If your home is part of the Dynasty Trust, you will be able to pass your piece of Sublette County real estate to your children and grandchildren and transfer tax-free. Suppose you are considering purchasing a house for sale in Jackson or real estate in Sublette County. In that case, this is an excellent option for ensuring your children and grandchildren can benefit in the future.
No inheritance or estate tax
Families can benefit from assets held in Wyoming due to the lack of inheritance or estate taxes on investments held in an estate. If you receive an inheritance in Wyoming, you will not be taxed on its value. Additionally, assets held in an estate after a family member has passed away will not be taxed. In many other states, the tax bill for these assets can be very high.
If you are scouring the market looking for Jackson houses for sale or Sublette County real estate and looking to move for the tax advantages, these seven tax advantages will give you the edge. Though home prices in Wyoming are up substantially overall, with
Redfin noting a 47.3% increase compared with last year, real estate in Wyoming is still very affordable. However, as with other markets with rising home prices in the country, there is little inventory available and high demand in this competitive market.
Do you need some assistance navigating the Sublette county real estate market? Perhaps you could use a guiding hand in purchasing a Jackson house for sale? Deirdre Griffith and her team of experts have helped countless buyers and sellers navigate the competitive real estate market in Wyoming. Years working in hospitality engrained the values of customer service, exceeding expectations, and understanding industry trends in Deirdre. She and her team would love to place you in a Wyoming home today so you can start taking advantage of tax benefits in the state tomorrow.
