US recognizes same-sex couples under tax laws

US recognizes same-sex couples under tax laws

WASHINGTON – Agence France-Presse

A wedding cake is seen at a reception for same-sex couples at The Abbey in West Hollywood, California, July 1, 2013. REUTERS/Lucy Nicholson

The U.S. Treasury recognized Aug. 29 gay marriage under tax laws, giving the same tax benefits to legally married same-sex couples that heterosexual couples enjoy. The landmark ruling applies to all lawfully married same-sex couples in the country, even if they live in states that do not recognize the marriage.

Previously, legally married same-sex couples had to file their federal income tax returns declaring themselves “unmarried,” losing out on a broad range of benefits and protections, including transfers of property, gifts and inheritances. “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,” Treasury Secretary Jacob Lew said in a statement. Gay couples will be able to, for example, claim exemptions, which reduce taxable income, that favor married couples over single people.