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Gay couples can not marry so how do we give money untaxed to each other like straight couples
Or pass along inheritance? Without being taxed like our hetereo couples do?

2007-05-28 06:17:46 · 4 answers · asked by harry d 1 in Business & Finance Taxes United States

4 answers

You can give 12,000 per year without any tax consequences to anyone. You can also give 1,000,000 in your lifetime above the annual amount, which is currently 12,000. When you share living expenses, that does not count as a gift. Hopefully, these estate planning ideas will allow you to accomplish most of what you want. I would recommend a good estate CPA or attorney for better planning. Depending on your ages, many things can be accomplished with trusts and gifts.

2007-05-28 07:49:46 · answer #1 · answered by BS 3 · 1 0

You each have to file your own return and it might even be better that you are filing separate returns. I'll illustrate this with an example: a married couple, each making $50,000 a year will have to pay tax on the total of $100,000, thereby being in a higher bracket. But if you are not married, you each pay tax on $50,000, therefore you are both in a lower bracket. Now the rules have changed to make married people not have to pay so much, but I don't think it's so bad to have to file separate returns.
You should speak to a tax advisor to get the maximum deductions/pay the least tax possible.

2007-05-28 14:15:48 · answer #2 · answered by taram 3 · 1 2

Short answers is that the gov't doesn't think that gays deserve it. long answer there are estate planners that deal a great deal with homosexual customers. this could include using the annual exclusion, to set up crummy trusts and other things like that. It is a lot harder because the gov't doenst believe that their is enough of a reason to allow you these benefits.

2007-05-28 17:14:14 · answer #3 · answered by ainger452 3 · 0 1

there are things you can do but I suggest you find a financial adviser who specializes in gay couples

2007-05-28 13:37:55 · answer #4 · answered by njyogibear 7 · 0 2

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