Taxes for Retirees

 

 

 

Nevada is a very tax-friendly state towards retirees.  In fact, you will be hard-pressed to find a better state for retirement based on taxation.

 

Nevada Retirement Income

Nevada does not tax individual income
– retirement or otherwise.

Pension Income

Nevada does not tax public pension income.
Nevada does not tax private pension income.

Inheritance Tax

There is no inheritance tax in Nevada.

Social Security Income

Nevada does not tax Social Security income.
Nevada does not tax Social Security benefits.

  • Las Vegas (Clark County) Sales Tax 8.25%

  • There is no State Income Tax in Nevada

  • Social Security income is not taxable. Social Security benefits, even those taxed at the federal level, are not taxed in Nevada.

  • Public Pension income is not taxed. Private Pension income is not taxed.

  • Withdrawals from retirement accounts are not taxed. Since Nevada does not have a state income tax, any income from a pension, from a 401(k), from an IRA or from any other retirement account is not taxable.

  • Nevada Gasoline Tax is 33.52 cents/gallon

  • Nevada Diesel Tax is 28.56 cents/gallon

Nevada Property Tax

Assessed value is equal to 35% of the taxable value. Thus, if the Clark County Assessor determines your home’s taxable value is $100,000, your assessed value will be $35,000. Tax rates apply to that amount.

  • In addition, Nevada’s tax abatement law protects homeowners from sudden spikes in their property taxes.
  • While there are no general property tax exemptions for seniors, there are a few specific programs from which some retirees may benefit.
    • The exemptions include a veteran’s exemption that is available to veterans who served in active duty during a recognized war period.
    • There is also a disabled veteran’s exemption that is available to veterans with a service-connected disability of no less than 60%.
    • The blind exemption is available to Nevada residents whose vision is no better than 20/200 when wearing contact lenses or glasses.
    • The surviving spouse’s exemption is available to homeowner’s whose spouse has passed away and is equal to about $41 in savings.

 

If you would like to speak to a CPA about how Nevada’s tax code applies
to you personally, please go to our Preferred Partners page and click on
CPA 
or click this link: Preferred Partner: CPA