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This week’s interview on Financial Insider Weekly is with Professor Patricia Cain of Santa Clara University School of Law. Our interview subject is, “Income tax problems for same sex couples in Community Property states”.
Tags: couples, gay, homosexual, income, lesbian, same, sex, Tax matters
We are required to document the Payment and the Purpose for the items that we deduct. This means you shouldn’t throw away your documents immediately after your income tax returns are prepared and filed!
Tags: documentation, income, records, substantiation, Tax matters
This week’s interview on Financial Insider Weekly is with attorney Frank Doyle. Our interview subject is, “What are income and estate tax benefits of family limited partnerships?”
Tags: estate, family, income, limited, LLC, partnership, Tax matters
The IRS Chief Counsel’s Office has issued updated guidance, CCA 201021050, the federal government recognizes community property rights of California registered domestic partners in earned income effective January 1, 2007. Therefore, one-half of the earned income of a partner should be reported on each partner’s federal income tax return, unless the RDPs execute an agreement opting out of community property treatment.
Tags: couple, domestic, gay, income, partners, RDP, registered, same, sex, Tax matters