Tuesday, September 3, 2013

Same Sex Couples Getting Tax Breaks

Legally married same sex couples are going to get the same federal tax breaks as traditional married different sex couples, according to the Internal Revenue Service.

"Today's ruling provides certainty and clear, coherent tax filing guidance for all legally married same-sex couples nationwide. It provides access to benefits, responsibilities and protections under federal tax law that all Americans deserve,"said Treasury Secretary Jack Lew in a statement.

Kentucky law does not recognize gay marriage but activists continue to push for related legislation. According to Marriage Equality Kentucky, an organization supporting same sex marriage rights, same sex spouses in Kentucky currently are not allowed accidental death benefit for the surviving spouse of a government employee; appointment as guardian of a minor; beneficial owner status of corporate securities; Bill of Rights benefits for victims and witnesses; consent to post-mortem examination; or control, division, acquisition, and disposition of community property, among other issues.

A gay couple from Louisville recently filed a federal lawsuit against Kentucky's ban on same-sex marriage. Gregory Bourke and Michael Deleon's suit claims existing laws deprives them of numerous legal protections that are available to opposite-sex couples in Kentucky.

The Treasury Department and IRS ruling assures tax benefits for all legally married same-sex couples in an effort to ensure their ability to move freely throughout the country without altering their federal filing status.

The ruling states that, beginning with 2013 returns, same sex married couples can file their federal tax returns using either the married filing jointly or married filing separately filing status. Same sex married couples can amend previously filed returns as far back as 2010.

Read full article in US News & World Report
Contact Neikirk, Mahoney & Smith PLLC if you have specific questions.

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