Sidestepping Unseen Tax Pitfalls For Same-Sex Couples

Feb 27, 2013 Full story: EDGE 16

As states are beginning to legally permit and recognize gay marriage, LGBT couples are forced to learn how to file their taxes in a manner that will appease agents on both state and federal levels Not many people look forward to their annual tax deadlines.

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“Headed toward the cliff”

Since: Nov 07

Tawas City, Michigan

#1 Feb 27, 2013
Taxes are easy to get around, and most of us actually benefit by filing as single.

“Equality First”

Since: Jan 09

St. Louis, MO

#2 Feb 27, 2013
WeTheSheeple wrote:
Taxes are easy to get around, and most of us actually benefit by filing as single.
That is true. However, they more than make up for it when we die, and leave everything to our spouses. And, of course, they collect even more taxes if we put our spouses on our insurance plan at work. It is taxed as income. So what little we save on regular tax-filing as single, we more than pay for in some other way.

“Headed toward the cliff”

Since: Nov 07

Tawas City, Michigan

#3 Feb 27, 2013
RalphB wrote:
<quoted text>
That is true. However, they more than make up for it when we die, and leave everything to our spouses. And, of course, they collect even more taxes if we put our spouses on our insurance plan at work. It is taxed as income. So what little we save on regular tax-filing as single, we more than pay for in some other way.
The overwhelming majority of couples have assets worth less than the current $1 million estate tax exemption.

Only the amount over that is taxed.

Hate to seem crass, but if you have more than a million in assets, you likely can afford to pay the estate tax.

Is if fair? No, but the federal portion will change in June when DOMA is overturned, and as for the state estate tax, you can always move to one of the 33 states without an estate tax if it's that big an issue.

Since: Feb 13

Arlington Heights, IL

#4 Feb 27, 2013
I wish there was a way to avoid great taxes. It is not like I make enough to cover my daily expenses not to mention the basic needs that I need to satisfy daily. It is much better off to remain single, same sex or hetero one has its own pitfalls indeed.

Since: Mar 09

Location hidden

#5 Feb 27, 2013
WeTheSheeple wrote:
<quoted text>
The overwhelming majority of couples have assets worth less than the current $1 million estate tax exemption.
Only the amount over that is taxed.
Hate to seem crass, but if you have more than a million in assets, you likely can afford to pay the estate tax.
Is if fair? No, but the federal portion will change in June when DOMA is overturned, and as for the state estate tax, you can always move to one of the 33 states without an estate tax if it's that big an issue.
$1 Million isn't all that much, especially for those in farming, vintnering, cattle ranching, etc. Real Estate agents love jacking up land assessments so they can build another matchstick "development" on our food supplies.

Since: Mar 09

Location hidden

#6 Feb 27, 2013
americantxreliefbureau wrote:
I wish there was a way to avoid great taxes. It is not like I make enough to cover my daily expenses not to mention the basic needs that I need to satisfy daily. It is much better off to remain single, same sex or hetero one has its own pitfalls indeed.
You can start by taking a few classes at your local junior College in bookkeeping, and follow it with, say, an H&R Block tax preparer's course. It isn't hard to learn. You just have to.

“Equality First”

Since: Jan 09

St. Louis, MO

#7 Feb 28, 2013
WeTheSheeple wrote:
<quoted text>
The overwhelming majority of couples have assets worth less than the current $1 million estate tax exemption.
Only the amount over that is taxed.
Hate to seem crass, but if you have more than a million in assets, you likely can afford to pay the estate tax.
Is if fair? No, but the federal portion will change in June when DOMA is overturned, and as for the state estate tax, you can always move to one of the 33 states without an estate tax if it's that big an issue.
Just wondering if you would say that to the woman leading the charge, who wants to get back $363,000 she had to pay. Yes, I can afford to pay the inheritance tax, or my spouse could if I died. But that is not the point, is it? And as for moving, yeah, we could. But I don't see why we should have to if my next door neighbor doesn't, do you?

“Headed toward the cliff”

Since: Nov 07

Tawas City, Michigan

#8 Feb 28, 2013
snyper wrote:
<quoted text>
$1 Million isn't all that much, especially for those in farming, vintnering, cattle ranching, etc. Real Estate agents love jacking up land assessments so they can build another matchstick "development" on our food supplies.
My point being 99% of people have estates valued at less than $1 million and are therefore exempt from estate taxes.

“Headed toward the cliff”

Since: Nov 07

Tawas City, Michigan

#9 Feb 28, 2013
RalphB wrote:
<quoted text>
Just wondering if you would say that to the woman leading the charge, who wants to get back $363,000 she had to pay. Yes, I can afford to pay the inheritance tax, or my spouse could if I died. But that is not the point, is it? And as for moving, yeah, we could. But I don't see why we should have to if my next door neighbor doesn't, do you?
I've already agreed it's not fair (obviously), but my greater concern is for those who lose their home or their job or their pension or their healthcare benefits- things which can force them into poverty and lead to an early death.

I hate to sound crass, but I've never been that concerned about the wealthiest 1% of Americans, regardless of their sexual orientation. They can take care of themselves.

The Windsor case is a means to an end; I'm sure she'll be just fine no matter how the case turns out.

“Equality First”

Since: Jan 09

St. Louis, MO

#10 Feb 28, 2013
WeTheSheeple wrote:
<quoted text>
I've already agreed it's not fair (obviously), but my greater concern is for those who lose their home or their job or their pension or their healthcare benefits- things which can force them into poverty and lead to an early death.
I hate to sound crass, but I've never been that concerned about the wealthiest 1% of Americans, regardless of their sexual orientation. They can take care of themselves.
The Windsor case is a means to an end; I'm sure she'll be just fine no matter how the case turns out.
Well, we can at least agree on your first paragraph. As to the rest, if you hate to sound crass, perhaps you shouldn't.

“Headed toward the cliff”

Since: Nov 07

Tawas City, Michigan

#11 Feb 28, 2013
RalphB wrote:
<quoted text>
Well, we can at least agree on your first paragraph. As to the rest, if you hate to sound crass, perhaps you shouldn't.
Sorry, but I've just never had a whole lot of sympathy for the hardships endured by the 1% regardless of their race, gender, ethnicity, sexual orientation, or anything else.

I will fight for their equal rights, but I also keep things in perspective.

On another thread I was explaining to someone else that even thogh I'm a retired veteran, my primary focus is on those who are disabled or unemployed as a result of their service; not for the supposed lifetime healthcare benefit for those of us who "retired" at age 38 after doing 20 years.

“Equality First”

Since: Jan 09

St. Louis, MO

#12 Feb 28, 2013
WeTheSheeple wrote:
<quoted text>
Sorry, but I've just never had a whole lot of sympathy for the hardships endured by the 1% regardless of their race, gender, ethnicity, sexual orientation, or anything else.
I will fight for their equal rights, but I also keep things in perspective.
On another thread I was explaining to someone else that even thogh I'm a retired veteran, my primary focus is on those who are disabled or unemployed as a result of their service; not for the supposed lifetime healthcare benefit for those of us who "retired" at age 38 after doing 20 years.
Sheeple, upon reflection, I owe you an apology. I should never have said what I did, and I sincerely DO apologize. I will try to be less judgmental in the future.

“Equality First”

Since: Jan 09

St. Louis, MO

#13 Feb 28, 2013
WeTheSheeple wrote:
<quoted text>
Sorry, but I've just never had a whole lot of sympathy for the hardships endured by the 1% regardless of their race, gender, ethnicity, sexual orientation, or anything else.
I will fight for their equal rights, but I also keep things in perspective.
On another thread I was explaining to someone else that even thogh I'm a retired veteran, my primary focus is on those who are disabled or unemployed as a result of their service; not for the supposed lifetime healthcare benefit for those of us who "retired" at age 38 after doing 20 years.
P.S. Thanks for your service

“Headed toward the cliff”

Since: Nov 07

Tawas City, Michigan

#14 Feb 28, 2013
RalphB wrote:
<quoted text>
Sheeple, upon reflection, I owe you an apology. I should never have said what I did, and I sincerely DO apologize. I will try to be less judgmental in the future.
No apology necessary. We all have opinions & disagreements. I need to be reminded on occassion if my opinions are coming across as being inconsiderate of others.

We're good.

“Equality First”

Since: Jan 09

St. Louis, MO

#15 Feb 28, 2013
WeTheSheeple wrote:
<quoted text>
No apology necessary. We all have opinions & disagreements. I need to be reminded on occassion if my opinions are coming across as being inconsiderate of others.
We're good.
Thanks. Now let's get back to bashing Jr.Esq. and NoQ

“Headed toward the cliff”

Since: Nov 07

Tawas City, Michigan

#16 Feb 28, 2013
RalphB wrote:
<quoted text>
Thanks. Now let's get back to bashing Jr.Esq. and NoQ
Agreed.

And for that I'll NEVER apologize!!

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