Tax Issues for Domestic Partners Scarsdale 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

Nicole M. Garretson
718-590-2459
198 E 161st St
Bronx, NY
Francis M. Alessandro
212-590-3607
851 Grand Concourse
Bronx, NY
Gerald J. Murphy
914-591-6162
14 S Broadway
Irvington, NY
Alison Mylander Gregory
914-670-3620
1 South Rd
Harrison, NY
David Lawrence Trueman
516-742-1460
221 Mineola Blvd
Mineola, NY
Francine Goodman
914 697 5000 ext 132
4 W Red Oak Lane, Suite 110
White Plains, NY
Orazio R. Bellantoni
914-824-5246
111 Dr Martin Luther King Blvd
White Plains, NY
Jody Susan Tancer
60 Rodeo Dr
Syosset, NY
Guy Alfred Longobardo
22 Greenfield Ave
Bronxville, NY
Frank J. Clemens
914-834-8258
89 Colonial Ave
Larchmont, 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 Scarsdale 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.
- Inheritance Protection Scarsdale NY
- How to Choose the Right Divorce Lawyer Scarsdale NY
- How to Choose a Lawyer for an Entertainment Contract Scarsdale NY
- Employment Discrimination Settlement Scarsdale NY
- How to Create a Living Will Scarsdale NY
- Personal Injury Lawsuit Damages Scarsdale NY
- Beating a Speeding Ticket Scarsdale NY
- Criminal Lawyer Scarsdale NY
- Personal Injury Lawyers Scarsdale NY