"Same-sex couples appear to be at an inherent disadvantage when it comes to filing federal taxes, since they cannot utilize all of the same tax credits and deductions enjoyed by heterosexual married couples who file jointly.
But certain provisions in the tax code actually put same-sex couples at an advantage, because the individuals in these relationships can benefit from one another in ways that heterosexual couples are legally forbidden.
To break it down a bit more, the Internal Revenue Code assumes that people with shared financial interests may try to use one another for tax advantages, such as by transacting business with one another. For this reason, the Code contains numerous provisions that forbid related people from taking advantage of such transactions. But still as of 2012, the Code does not recognize same-sex married couples as being related, and so they are not subject to such provisions. This opens up a world of opportunities.
So even though the odds may appear as though they are stacked against same-sex couples when it comes to federal income tax, such couples are in fact in an ideal position to reap some of the most useful tax benefits available." [Tax TV]
Looks to me like there are some tax loophole closing opportunities here for a Republican Congress. [clipper]
But certain provisions in the tax code actually put same-sex couples at an advantage, because the individuals in these relationships can benefit from one another in ways that heterosexual couples are legally forbidden.
To break it down a bit more, the Internal Revenue Code assumes that people with shared financial interests may try to use one another for tax advantages, such as by transacting business with one another. For this reason, the Code contains numerous provisions that forbid related people from taking advantage of such transactions. But still as of 2012, the Code does not recognize same-sex married couples as being related, and so they are not subject to such provisions. This opens up a world of opportunities.
So even though the odds may appear as though they are stacked against same-sex couples when it comes to federal income tax, such couples are in fact in an ideal position to reap some of the most useful tax benefits available." [Tax TV]
Looks to me like there are some tax loophole closing opportunities here for a Republican Congress. [clipper]
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