Equal Tax Benefits for Married Same-Sex Couples

Equal Tax Benefits for Married Same-Sex Couples

It’s another legal victory for same-sex couples, after the Treasury Department ruled they will now be recognized as married for federal tax purposes.
FREDERICK, Md. -  Maryland Residents Dan Lonteen and Lee Davis says it's a victory. Legally married same-sex couples will now be recognized as married for all federal tax purposes, in every state, even if it doesn't recognize same-sex marriage. And for them, they say it's not even about the money.

"We just want the same rights as everyone else. We pay our taxes like everyone else and it's only fair that we receive the same rights," said Maryland Resident Dan Lonteen.

"One of the biggest things it will affect doesn't even come down to money. It's just, the home we bought together, I used my VA benefit for, and unfortunately, with the federal law with DOMA in place my partner couldn't be on the mortgage or title," said Lee Davis of Maryland.

This latest ruling comes just two months after the Supreme Court struck down the Defense of Marriage act, known as DOMA. Filing joint federal tax returns is now possible for married same-sex couples, that includes income taxes, estate and gift taxes, and health insurance, retirement and employee benefits. It could however end up costing some couples a few extra bucks.

"It depends on their income. Higher income people will probably find it to be detrimental and middle to low income people will find it to be beneficial," said Douglas Boyle of Boyle & Company, P.A.

Couples have the option to amend tax returns for the past three years if they want too.

"You have to go back and check you won't have to owe taxes because of the new adjustments," said Boyle.

Either way, couples across the globe are celebrating this legal victory.

"It makes me feel like I'm no longer a second class citizen and going to be treated equally," said Lonteen.

The policy applies only to legally married same-sex couples, and not to those in domestic partnerships or civil unions.

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