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Equality law opens tax benefits to same-sex couples

By Alan Yonan Jr.

POSTED: 01:30 a.m. HST, Feb 16, 2014

~~<p><strong>Question:</strong> Does the enactment of Hawaii's Marriage Equality Act provide any tax advantages for same-sex couples?</p>
<p><strong>Answer: </strong>Effective Dec. 2, the Hawaii Marriage Equality Act recognizes marriages between same-sex couples who marry in Hawaii or in any other jurisdiction recognizing same-sex marriage. The Hawaii act, coupled with the August 2013 ruling by the U.S. Department of the Treasury and the Internal Revenue Service allowing legally married same-sex couples to be treated as married for federal tax purposes, means that married same-sex couples are considered married for all tax purposes, including income tax, estate and gift tax and generation-skipping tax. Same-sex married couples can now benefit from the same tax advantages as opposite-sex married couples, including filing income tax returns with married filing status, utilizing gift-splitting and electing portability of the estate tax exemption, which allows a decedent's unused exemption to be transferred to his or her surviving spouse.</p>
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<td><strong>PROFILE <br />
Laurie Young-Kagamida </strong><br />
&gt;&gt; Position: CPA, director <br />
&gt;&gt; Company: Sterling &amp; Tucker Inc. CPAs<br />
&gt;&gt; Website: www.cpasofhawaii.com <br />
&gt;&gt; Phone: 531-5391 <br />
&gt;&gt; Education: University of Hawaii at Manoa, Bachelor of Business Administration</td>
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~~

Question: Does the enactment of Hawaii's Marriage Equality Act provide any tax advantages for same-sex couples?

Answer: Effective Dec. 2, the Hawaii Marriage Equality Act recognizes marriages between same-sex couples who marry in Hawaii or in any other jurisdiction recognizing same-sex marriage. The Hawaii act, coupled with the August 2013 ruling by the U.S. Department of the Treasury and the Internal Revenue Service allowing legally married same-sex couples to be treated as married for federal tax purposes, means that married same-sex couples are considered married for all tax purposes, including income tax, estate and gift tax and generation-skipping tax. Same-sex married couples can now benefit from the same tax advantages as opposite-sex married couples, including filing income tax returns with married filing status, utilizing gift-splitting and electing portability of the estate tax exemption, which allows a decedent's unused exemption to be transferred to his or her surviving spouse. PROFILE Laurie Young-Kagamida >> Position: CPA, director >> Company: Sterling & Tucker Inc. CPAs >> Website: www.cpasofhawaii.com >> Phone: 531-5391 >> Education: University of Hawaii at Manoa, Bachelor of Business Administration Login for more...



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