Federal Taxes for Same Sex Married Couple

  1. You have chosen to ignore posts from Forte77. Show Forte77's posts

    Federal Taxes for Same Sex Married Couple

    As a same sex married person in Massachusetts, can I "freely" shift Schedule A and Schedule E deductions (and income in the case of Schedule E) between me and my partner for our federal filings? We earn different amounts, but our assets and bank accounts are all jointly owned.  In the past we have split our rental income and expenses 50/50 and we're wondering if it's allowable to split these amounts between our separate federal filings as we see fit.  Thanks!
     
  2. You have chosen to ignore posts from MASocietyofCPAs. Show MASocietyofCPAs's posts

    Re: Federal Taxes for Same Sex Married Couple

    In Response to Federal Taxes for Same Sex Married Couple:
    As a same sex married person in Massachusetts, can I "freely" shift Schedule A and Schedule E deductions (and income in the case of Schedule E) between me and my partner for our federal filings? We earn different amounts, but our assets and bank accounts are all jointly owned.  In the past we have split our rental income and expenses 50/50 and we're wondering if it's allowable to split these amounts between our separate federal filings as we see fit.  Thanks!
    Posted by Forte77


    Dear Forte:

    By reason of your joint ownership and past representations, you should continue reporting the rental property on Schedule E as a 50/50 proposition, unless you can clearly demonstrate that there is a shortfall in expenses that was paid for by one or the other of you.  Shifting of income by the means you propose is otherwise not permitted.  The same would generally hold for Schedule A deductions, but there may be a little more flexibility there.  Should one of you contract/be diagnosed with a serious illness to the point you can't work for an extended period and your spouse provides for your support, they would be able to claim deductions for the medical expenses paid.  Assuming you jointly own your residence and are both recorded on the deed and morgage as owner/debtors, the failure of one to pay their share would jeopardize the ownership of the other, thereby justifying payment of the real estate taxes and mortgage interest.  Absent dire circumstances, if there is the ability to pay, the funds provided by one to cover the obligation of the other to pay 1/2 of these items woiuld usually be viewed by the government as a loan  or advance, rather than assumption of a debt that belongs to another.

    Hope this helps in preparing your returns!

    Mark H. Misselbeck, C.P.A., M.S.T., Tax Principal
    Katz, Nannis + Solomon, P.C.
     
  3. You have chosen to ignore posts from Forte77. Show Forte77's posts

    Re: Federal Taxes for Same Sex Married Couple

    In Response to Re: Federal Taxes for Same Sex Married Couple:
    In Response to Federal Taxes for Same Sex Married Couple : Dear Forte: By reason of your joint ownership and past representations, you should continue reporting the rental property on Schedule E as a 50/50 proposition, unless you can clearly demonstrate that there is a shortfall in expenses that was paid for by one or the other of you.  Shifting of income by the means you propose is otherwise not permitted.  The same would generally hold for Schedule A deductions, but there may be a little more flexibility there.  Should one of you contract/be diagnosed with a serious illness to the point you can't work for an extended period and your spouse provides for your support, they would be able to claim deductions for the medical expenses paid.  Assuming you jointly own your residence and are both recorded on the deed and morgage as owner/debtors, the failure of one to pay their share would jeopardize the ownership of the other, thereby justifying payment of the real estate taxes and mortgage interest.  Absent dire circumstances, if there is the ability to pay, the funds provided by one to cover the obligation of the other to pay 1/2 of these items woiuld usually be viewed by the government as a loan  or advance, rather than assumption of a debt that belongs to another. Hope this helps in preparing your returns! Mark H. Misselbeck, C.P.A., M.S.T., Tax Principal Katz, Nannis + Solomon, P.C.
    Posted by MASocietyofCPAs

     
  4. You have chosen to ignore posts from Forte77. Show Forte77's posts

    Re: Federal Taxes for Same Sex Married Couple

    In Response to Re: Federal Taxes for Same Sex Married Couple:
    In Response to Federal Taxes for Same Sex Married Couple : Dear Forte: By reason of your joint ownership and past representations, you should continue reporting the rental property on Schedule E as a 50/50 proposition, unless you can clearly demonstrate that there is a shortfall in expenses that was paid for by one or the other of you.  Shifting of income by the means you propose is otherwise not permitted.  The same would generally hold for Schedule A deductions, but there may be a little more flexibility there.  Should one of you contract/be diagnosed with a serious illness to the point you can't work for an extended period and your spouse provides for your support, they would be able to claim deductions for the medical expenses paid.  Assuming you jointly own your residence and are both recorded on the deed and morgage as owner/debtors, the failure of one to pay their share would jeopardize the ownership of the other, thereby justifying payment of the real estate taxes and mortgage interest.  Absent dire circumstances, if there is the ability to pay, the funds provided by one to cover the obligation of the other to pay 1/2 of these items woiuld usually be viewed by the government as a loan  or advance, rather than assumption of a debt that belongs to another. Hope this helps in preparing your returns! Mark H. Misselbeck, C.P.A., M.S.T., Tax Principal Katz, Nannis + Solomon, P.C.
    Posted by MASocietyofCPAs

     
Sections
Shortcuts

Share