Monday, November 14, 2011

Personal Finance: Marriage is taxing for same-sex couples


(Reuters) - After 13 years together, Maggy Porter and Arlene Bronfman began to talk last June about marriage when New York State passed its Marriage Equality Act.

Until, that is, the New York-based couple visited their accountant.

"What was supposed to be this way of expressing our love was going to seriously confuse our taxes, investments, estate planning, really all our finances," says Porter, a registered nurse. "Our CPA is great, but even he seems pretty bewildered. We weren't sure how to proceed."

In the end, romance won out over finances, and Porter and Bronfman plan to marry in March despite the financial complications and expected tax hassles.

While marriage can save heterosexual couples a bundle, it could cost same-sex couples thousands of dollars in extra taxes and professional advice because the federal government still doesn't recognize the marriages. Read Full Story

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