Tax Issues for Domestic Partners Hollis NY

Additionally, we all know lawyer fees are not cheap. In fact, it can cost a same sex couple thousands of dollars in legal fees to get similar financial rights as those awarded by a marriage. While a marriage license on the other hand, usually costs under about $50.

Local Companies

John S. Hamilton
212-219-3303
2739 Central Ave
Baldwin, NY
Robert F. Peake
212-340-0448
27 Madison Ave
New York, NY
Michael Tsang
212-227-2246
14 Wall St Fl 22nd
New York, NY
Robert Lewis
420 East 54th Street, Apt 15e
New York, NY
James E. O'Donnell
110 E End Ave Apt 2f
New York, NY
Christopher Ian Jones
212-225-2000
1 Liberty Plz
New York, NY
Robert M. Hart
212-508-8130
7 Times Sq Fl 17th
New York, NY
Jonathan J. Oxenberg
516-876-2200
30 Jericho Executive Plz Ste 200w
Jericho, NY
Joseph Thomas Schmidt
718-441-4343
9531 Jamaica Ave
Woodhaven, NY
Diane V. Karlan
718-681-5600
881 Gerard Ave Ste 200
Bronx, NY
Data Provided by:
  

Provided By:

A Deeper Look at Tax Issues for Domestic Partners and Same Sex Couples

Author: Roni Deutch

Civil Marriages vs. Legal Documents

To understand the importance of tax equality, I think it is first important to understand the common misconceptions surrounding same-sex couples and taxes. You have probably heard before that civil marriages and same-sex marriage are not even necessary, that you can have any lawyer draw up the necessary documents. However, this is false. While it is true you can have a power of attorney appointed for certain asset-sharing and finances, it does not assure your partner access to your full wealth like a marriage would. Additionally, we all know lawyer fees are not cheap. In fact, it can cost a same sex couple thousands of dollars in legal fees to get similar financial rights as those awarded by a marriage. While a marriage license on the other hand, usually costs under about $50.

Taxes for Same-Sex Couples with Children

Perhaps the biggest tax inequality concerning the LGBT community affects couples who have children. Since the federal government does not recognize same sex marriages, couples who have children, or adopt, do not always qualify for the benefits most married couples would. Due to this large disadvantage, many same-sex couples with children can only take advantage of tax benefits for single parents.

Can Gay Marriage Save the Economy?

According to studies the U.S. gay community spends a whopping $174 billion annually within the country, and just imagine how high that number would be if those couples were allowed to wed. With that much money being spent you would think the federal government would want a piece of the pie. Although the US economy may not be saved by gay marriage's legalization, it could certainly help.

Social Security Tax Disadvantage

The LGBT community, like everyone else, must pay their social security taxes every tax season. The difference is, no matter how many years they have been with their partner, they cannot take spousal benefits or survivors' benefits. Reports from the census 2000 found "when a gay, lesbian, or bisexual senior dies, his or her surviving partner faces a financial loss that can amount to tens of thousands of dollars."

LGBT Real Estate Taxes

Another financial difficulty same sex couples face has to do with the transfer or property between one another. An article by the Advocate Online found that "when someone puts his or her same-sex partner on the title to a home, it often constitutes a transfer of 50% of the value of the home -- as if the two were strangers -- and is taxed accordingly. Different-sex married couples do not pay this tax. Inheritance taxes apply when a taxpayer dies and leaves assets to another person. Different-sex spouses receive a complete exemption from such inheritance taxes, but same-sex partners do not. Because thresholds for state inheritance taxes are much lower than the federal threshold, inheriting the couple's common home (or even the half of it that belonged to the deceased partner) can trigger inheritance tax."

The Tax Lady Roni Deutch and her law firm Roni Lynn Deutch, A Professional Tax Corporation have been helping taxpayers across the nation find IRS tax relief for over seventeen years. The firm has an experienced IRS tax attorney who will fight the IRS on your behalf.

Article Source: http://www.articlesbase.com/taxes-articles/a-deeper-look-at-tax-issues-for-domestic-partners-and-same-sex-couples-830588.html

Related Articles
- How to Choose a Lawyer for an Entertainment Contract Hollis NY
There are a few things to consider when signing an entertainment contract. You will need to be alert or you will find yourself bound up in an unfavorable agreement for quite some time. This industry is a large one and has its share of crooks who will readily take advantage of someone who is new to the game. The best course of action is to hire a lawyer who can help you. Here are some steps to help you choose the lawyer that is right for you.
- Personal Injury Lawsuit Damages Hollis NY
- How to Create a Living Will Hollis NY
- Personal Injury Lawyers Hollis NY
- Bankruptcy Protection Hollis NY
- Inheritance Protection Hollis NY
- Beating a Speeding Ticket Hollis NY
- How to Choose the Right Divorce Lawyer Hollis NY
- Criminal Lawyer Hollis NY
- Employment Discrimination Settlement Hollis NY