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0% state income tax, so if you are rich and have 5 homes, the Wyoming one is a good primary residence. Also, lots of ranches. These are usually run off someon
by rdl 12y ago
0% state income tax, so if you are rich and have 5 homes, the Wyoming one is a good primary residence.
Also, lots of ranches. These are usually run off someone's personal taxes, so high income and high deductions/expenses. $500k/yr income isn't that great when you need to spend millions every decade and high annual operating expenses too. A lot of ranching or timber is about early capex leading to income down the line.
Ski stuff.
- toomuchtodo 12y ago> the Wyoming one is a good primary residence. Something to note: Wyoming doesn't shield either traditional or Roth IRAs (although ERISA-protected assets like 401ks are) from creditors, unlike other no-income tax states such as Texas and Florida.
- rdl 12y agoInteresting, although probably largely irrelevant for the mega-rich. IIRC Wyoming does have a homestead exemption, so your house can't be taken.