What's the deal with Jackson Hole WY?

[Anonymous]

I have never stepped foot in that city and likely never will and knew it was a pricey place to live. It's a ski resort town that celebrities frequent.

[Anonymous]

Anonymous wrote:

Anonymous wrote:No state income tax in Wyoming. We know 2 wealthy people who make it their primary residence for that reason. And they've achieved wealth critical mass so there are the amenities wealthy people want - a good airport, great restaurants, decent shopping, cultural and outdoor activities, etc.

Legit question: do these people actually spend 51% of their time in no income tax states?

I’m convinced that many do not and this is actually one of the biggest sources of tax fraud, tho it’s very difficult to police.

The people that I know that do this keep meticulous records because it does get tested and checked by the IRS. Most of them have an assistant that does it, but the records are definitely kept. Have had people postpone a late year meeting in town or do it on the phone because they are a couple of days behind and need to make the number by the end of the year

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No state income tax in Wyoming. We know 2 wealthy people who make it their primary residence for that reason. And they've achieved wealth critical mass so there are the amenities wealthy people want - a good airport, great restaurants, decent shopping, cultural and outdoor activities, etc.

Legit question: do these people actually spend 51% of their time in no income tax states?

I’m convinced that many do not and this is actually one of the biggest sources of tax fraud, tho it’s very difficult to police.

The people that I know that do this keep meticulous records because it does get tested and checked by the IRS. Most of them have an assistant that does it, but the records are definitely kept. Have had people postpone a late year meeting in town or do it on the phone because they are a couple of days behind and need to make the number by the end of the year

Wouldn't it be the state authorities testing this? They have significantly less resources than the IRS to chase down HNW individuals.

I'd think that the IRS would be involved is if the US citizen is claiming they spend the majority of the year overseas (and therefore getting the initial foreign earned income exclusion of $105,900)

[Anonymous]

The IRS does jack sh*t

How do you think the Trumps got away with their shenanigans?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm another person who doesn't get the hype about Jackson Hole. Remote and hard to get to, and has one shopping street full of boutiques selling $300 scarves and galleries with $2000 vases.

Remote isn't an issue when you have your own jet.

It's hard to get to from Washington. If you live in a place with direct flights (Seattle, SF, LA, Chicago, NYC, Atlanta, Houston, Dallas are a few) it's pretty easy. Or of course as PP notes, you have your own plane. I've flown to Jackson a lot and plenty of rich people (not the Walton's but regular wealthy people) fly commercial.

[Anonymous]

It's like Aspen and Hamptons. The enclave for the rich with amenities that serve them well and prices to keep the riff raff away. I wonder if they also limit hotels and condos that would rent for 1week or less, so non-wealthy tourists can afford to come there.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No state income tax in Wyoming. We know 2 wealthy people who make it their primary residence for that reason. And they've achieved wealth critical mass so there are the amenities wealthy people want - a good airport, great restaurants, decent shopping, cultural and outdoor activities, etc.

Legit question: do these people actually spend 51% of their time in no income tax states?

I’m convinced that many do not and this is actually one of the biggest sources of tax fraud, tho it’s very difficult to police.

The people that I know that do this keep meticulous records because it does get tested and checked by the IRS. Most of them have an assistant that does it, but the records are definitely kept. Have had people postpone a late year meeting in town or do it on the phone because they are a couple of days behind and need to make the number by the end of the year

Wouldn't it be the state authorities testing this? They have significantly less resources than the IRS to chase down HNW individuals.

I'd think that the IRS would be involved is if the US citizen is claiming they spend the majority of the year overseas (and therefore getting the initial foreign earned income exclusion of $105,900)

If a state is going to go after anyone, it is going to be a HNW individual. I know people who do this, and they all abide by the letter of the law and keep meticulous records, because they know they have a big target on their back.