residency (real estate, rentals, employment)

[Goin'toasquarestate]

Guys,

A buddy from work hunts the Wind River Range so often; knows we both wanna live our last 30 out there............but mentioned persons have to live in Wyoming for at least a year to become legal resident.

I've no prob. with that and all, just'd like to know how my income taxes'd be affected until I've gained that status of legal "resident". Got any insight to this subject?

Thanks,
Mike

[Brian_M]

Residency effects college, hunting and fishing (as near as I can tell). The first paycheck you receive while working in WY will be free from state income tax.

I do NOT know how capital gains (income from rentals in other states, dividends from stocks, etc..) are handled though other than I was NEVER taxed at a state level on my interest.

Is that what you're looking for, or do you need something else (sorry, your post was kinda lacking in details)

[gaduchman]

Once you transfer your license and receive your first paycheck, all needs to be done is filing your 1040 from Wyoming. Unless you're coming from Kali or New Yawk - in which case you'll prolly still owe them.

[sunsprit]

Wyoming has no state income tax, and no taxation upon personal income derived in other states.

However, as a Wyoming resident you're still subject to the non-resident income tax of the states where that income is earned. For example, I have income real estate in Colorado and California, and have to pay estimated witholding and file the respective income tax forms in both states. Both require substantially higher estimated deposits than I've ever owed each year, so I have to wait until they process the forms and pay the refund. The process would be the same if you derive local income in any other state with a state income tax.

Be aware that there are several different areas of concern about becoming a Wyoming "resident". For example, you must obtain a Wyoming driver's license and register your vehicle(s) in Wyoming as soon as you start gainful employment here (yes, there are exceptions for temporary short term workers from out of state) if you are living here, either renting or buying a residence. For income tax purposes, Wyoming is then your legal residence and all you'll owe here is your Federal income taxes. But a "resident" hunting or fishing license requires a year residence before qualifying.

[Goin'toasquarestate]

Just thinkn' of selling out of everything into here(home) then taking what pension and 401k I'll be left with out there starting over in Wyoming, with some kind of new career for my next 30 years. Trucking more than likely.

Lump sum essentially.........bugging out of Oregon in 10 years! Put it to work for Wyoming instead.

[Goin'toasquarestate]

Originally Posted by sunsprit

Wyoming has no state income tax, and no taxation upon personal income derived in other states.

However, as a Wyoming resident you're still subject to the non-resident income tax of the states where that income is earned. For example, I have income real estate in Colorado and California, and have to pay estimated witholding and file the respective income tax forms in both states. Both require substantially higher estimated deposits than I've ever owed each year, so I have to wait until they process the forms and pay the refund. The process would be the same if you derive local income in any other state with a state income tax.

Be aware that there are several different areas of concern about becoming a Wyoming "resident". For example, you must obtain a Wyoming driver's license and register your vehicle(s) in Wyoming as soon as you start gainful employment here (yes, there are exceptions for temporary short term workers from out of state) if you are living here, either renting or buying a residence. For income tax purposes, Wyoming is then your legal residence and all you'll owe here is your Federal income taxes. But a "resident" hunting or fishing license requires a year residence before qualifying.

Even whatever retirement income I end up earning I recalect?

[NDak15]

To pay a resident fee on hunting and fishing licenses it does take a year. As far as income taxes go, you will pay the state income tax in your original state on all paychecks you received in the state you moved from. Once you get here and get a paycheck you don't have to worry about any state income tax. I don't know what will happen with retirement.

[sunsprit]

Originally Posted by Goin'toasquarestate

Even whatever retirement income I end up earning I recalect?

Again, Wyoming has no personal state income tax. It doesn't matter where or how you derive that personal income, it's not taxed in Wyoming.

It doesn't matter if that income is wages, salary, rental property income, annuity, or a retirement benefit ... earned in Wyoming or anywhere else; it's not taxed as personal income in Wyoming.

[plainsman48]

Originally Posted by sunsprit

Again, Wyoming has no personal state income tax. It doesn't matter where or how you derive that personal income, it's not taxed in Wyoming.

It doesn't matter if that income is wages, salary, rental property income, annuity, or a retirement benefit ... earned in Wyoming or anywhere else; it's not taxed as personal income in Wyoming.

True - ONLY if earned in Wyoming. Not true if you have a taxable pension from NY, NJ, CA or anywhere else where they put a bite on it. I personally know people from CA, who had retired to WY & NV to avoid paying income tax on CA state pensions - only to be mailed bills. With so many states facing bankruptcy - they will find a way to get you to pony up!

[Goin'toasquarestate]

Originally Posted by Goin'toasquarestate

Guys,

A buddy from work hunts the Wind River Range so often; knows we both wanna live our last 30 out there............but mentioned persons have to live in Wyoming for at least a year to become legal resident.

I've no prob. with that and all, just'd like to know how my income taxes'd be affected until I've gained that status of legal "resident". Got any insight to this subject?

Thanks,
Mike

Damn..............Salt River Range!