Newly married gay couples face tax landmines

By Amy Feldman

(Reuters) – While most tax news in this election cycle is focusing on expiring tax cuts, what may be most revolutionary about 2012 is how many newly married same-sex couples are going to face a tax quagmire.

There are more than 130,000 married gay and lesbian couples in the United States, according to U. S. Census Bureau data. And with more states, notably New York, legalizing same-sex marriage, that number is rising.

Taxes for same-sex couples are far more complex than those for heterosexual couples because the 1996 Defense of Marriage Act (DOMA) prohibits same-sex marriages from being recognized at the federal level, while state-level tax rules vary greatly.

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If interested in discussing estate planning/asset protection, you can contact Laura Bianchi, Chair of RLG’s Estate Planning/Asset Protection Department, @ lbianchi@roselawgroup.com

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