1. Gay Couples: A Tax Upside.
- Author
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Bernard, Tara Siegel
- Subjects
- *
GAY couples , *INCOME tax , *SAME-sex marriage , *TAXATION - Abstract
Tax season often delivers more than the usual set of headaches for same-sex couples. But it's about to get incredibly more complicated for couples living in California, Nevada and Washington. There is an upside, though. Many of them will save thousands of dollars in federal income taxes. Here's what's happening: Same-sex couples who are living in the three states that have both community property laws and recognize registered domestic partnerships or same-sex marriage must now follow their state's community property laws on their federal tax returns (if they're officially partnered). In community property states, generally all income and property acquired during a partnership or marriage is treated as equally owned by both individuals. [ABSTRACT FROM AUTHOR]
- Published
- 2011