Advantages of purchasing a home in Lake Tahoe, Nevada
With taxes raising in the state of California, real estate agents in Nevada, including Lake Tahoe, have seen an increased interest from home buyers and investors. Many want to know the advantages of buying a home in Lake Tahoe, Nevada. The State of Nevada offers a business friendly atmosphere. There have been many recent articles in the Wall Street Journal, Kiplinger, Entrepreneur and Money magazines that have all said the same thing: the fact that Nevada is a low tax state makes it a very desirable place to live and own a business.
Take advantage of the following benefits if you live and run a business in Nevada:
- Low property taxes
- No personal income tax
- No Corporate income tax
- No gross receipts tax
- No inventory tax
- No tax on issuance of corporate shares
- No requirements of shareholders & directors to live in Nevada
- No tax on sale or transfers of stock
- No succession or inheritance tax with IRS
- No sharing of information with the IRS
- Simple annual requirements
- Protection for Directors and Officers
- No initial or minimum capital requirements
- Anonymity of owners – total privacy
- Business friendly environment
How to take advantage of being a Nevada resident:
There are two ways to reap Nevada’s freedom from taxes.
- First is to start a corporation for your business’ tax relief. Consult a Nevada CPA or legal professional for more detailed information on incorporating your business in Nevada.
- As an individual, you will need to become a resident of the state. Individuals who are “domiciled” in Nevada and become Nevada residents will generally escape state taxation of their income, except for income arising from sources within another state. Again, check with your financial professional on income derived in other states. Even if part of your income has to be taxed in other states, you may still see a reduction in your overall tax liability.
Whether you’re looking for more information on 1031 advantages or tax advantages of living in Nevada, contact me for more information.