Tax Issues for Domestic Partners Hopewell Junction 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

Paul M Bercow Esq.
914-766-1732
294 Route 100
Somers, NY
Francine R. Aronson
12 Wolf Ln
Pleasant Valley, NY
David Marnoc Yawman
914-767-7620
1 Pepsi Way
Somers, NY
Thomas A. Reed
845-454-7374
94 Market St
Poughkeepsie, NY
Sally Rosenbaum
914-962-4400
Po Box 217
Yorktown Heights, NY
Gilbert James West
845-452-5100
249 Main St, Ste. 553, Po Box 284
Poughkeepsie, NY
William G. Crane
845-454-5150
11 Market St Ste 204
Poughkeepsie, NY
Robert J. Marvin
845-855-1555
Po Box 420
Pawling, NY
Donald Michael Rossi
914-279-2986
1441 Route 22 Ste 204b
Brewster, NY
Walter P. Signorelli
914-245-5904
1992 Commerce St
Yorktown Hts, 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
- Bankruptcy Protection Hopewell Junction NY
Personal bankruptcy is a legal way to give people with overwhelming debt a fresh financial start. Many people do not realize that there are five types of bankruptcy options available under the U.S. Bankruptcy Code; however, for most consumers there are really only two viable options; Chapter 7 and Chapter 13 bankruptcy.
- Personal Injury Lawsuit Damages Hopewell Junction NY
- Beating a Speeding Ticket Hopewell Junction NY
- How to Choose a Lawyer for an Entertainment Contract Hopewell Junction NY
- Criminal Lawyer Hopewell Junction NY
- Employment Discrimination Settlement Hopewell Junction NY
- Personal Injury Lawyers Hopewell Junction NY
- How to Create a Living Will Hopewell Junction NY
- How to Choose the Right Divorce Lawyer Hopewell Junction NY
- Inheritance Protection Hopewell Junction NY