Financial Benefits of Moving to Nevada

It’s not just Las Vegas that the state of Nevada is known for, although the idea of living in one of the nation’s top entertainment centers is an exciting one. Beyond that, Nevada has beautiful desert landscapes, a growing job market and endless outdoor activities to indulge as well as having great tax benefits for its residents.

Living in Nevada

People choose to reside in Nevada for a variety of reasons, from the desire to live in a desert oasis to a need for a tax-friendly home. Whatever purpose has driven you to look into this, the facts remain the same—Nevada is one of the few tax-friendly states in the country. Being eligible for those benefits requires more than just property ownership.

Establishing a domicile is the first step toward gaining state-related tax advantages. If you’re someone who owns multiple homes in different states and travels often, you’ll need to prove to Nevada that you’re an official resident. This can be accomplished through a variety of strategies, including updating your permanent address on items such as your mail, driver’s license and car title. You’ll also want to take steps to show your dedication to the state, such as changing your voter registration or applying for a library card. Learn more about the specifics in our piece on relocating to a tax-friendly state.

Income Tax and More in Nevada

Relocating to Nevada has pros and cons, depending on personal preferences for your living environment, but the tax advantages this state offers its residents definitely makes it an attractive place to head.

Nevada is one in a handful of states with no state income tax. You read that right! The Nevada state income tax is zero, which means you keep more of what you earn. This is also something that follows you to your retirement if you choose Nevada as your state of residence, saving you from paying income taxes on your Social Security benefits, IRA or 401(k) withdrawals and pension payouts.

Sources:

¹Nevada Property Tax Calculator

The views expressed are for commentary purposes only and do not take into account any individual personal, financial, legal or tax considerations. As such, the information contained herein is not intended to be personal legal, investment or tax advice. Nothing herein should be relied upon as such, and there is no guarantee that any claims made will come to pass. The opinions are based on information and sources of information deemed to be reliable, but Mariner Wealth Advisors does not warrant the accuracy of the information.

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