Filing a quitclaim deed in Wyoming comes with specific costs and fees, including filing fees and taxes. Understanding your payment obligations is essential to complying with federal and local requirements.
Filing Fees
- Filing fees: Counties in Wyoming may set their fees referring to Wyo. Stat. § 18-3-402, which states a $12.00 filing fee per document and a $3.00 charge for each additional page. Please check your county for the exact filing fees before filing your property transfer.
Taxes
1. Transfer Tax
Wyoming doesn’t impose any tax for conveying real estate.
2. US Gift Tax (Form 709)
Wyoming does not have a separate gift tax. The US gift tax is assessed when one party, including a family member, gives another a gift of significant monetary value. The grantor most often pays the gift tax, which covers the property’s value.
Real estate gifts often have substantial value, so they may exceed the exemption offered for gifts given by relatives. The exemptions change yearly, so you should check with the Internal Revenue Service to learn the current year’s limits. The exemption limit is $18,000 per donee for the 2024 tax year, an increase from the $17,000 exemption limit in 2023.
3. Capital Gains Tax
Wyoming doesn’t charge capital gains tax, but grantors are still subject to federal capital gains tax. Topic no. 409 covers short-term and long-term capital gains tax information.
The capital gains tax is a tax assessed on real estate when the value of the property rises significantly from the original purchase date to the property’s sale. Real estate value can grow substantially over the years. When the time comes to sell or transfer the property, if the owner receives a significant increase in value, it may be reflected in the capital gains tax.
The IRS allows exceptions to the capital gains tax up to a certain amount if the property was your primary residence for at least two out of the last five years (Topic no. 701).
