Couples of the same sex have many legal issues when dealing with their finances. Another area that gives many same sex couples legal problems is when they own real estate, according to Fox Business News. Regardless of how the Supreme Court defines marriage, legal issues might still present themselves to same sex married couples.
The DOMA act might be ruled as against the constitution. If that happens, the Defense of Marriage Act will not work to help married couples of the same sex. This causes many real estate issues and could affect the mortgage tax deduction and even a VA home loan if you are in a same sex marriage.
All 50 states and even D.C. have their own laws regarding how same sex couples will be treated in regards to legal issues like marriage, investments and real estate dealings. The Supreme Court could make a ruling that could make this job even harder for same sex couples who own things jointly.
Let’s take a look at the federal issues regarding the mortgage tax deduction on your interest and on loans offered through the VA program. Gay couples who are married and have a mortgage in both names could claim the deduction if the DOMA was struck down in federal court. This stems from the fact that with out that legal definition that DOMA defines, the couple would be able to file their income taxes and other taxes jointly. This is the same benefit that is offered to married couples who are not same sex.
Because of DOMA, same sex couples that are married are not allowed to file their taxes as a couple. This means that there are two individual returns being files and many benefits are being missed. This is why you might want to talk to the best real estate attorney Palm Springs has to offer. The real estate attorney will be able to sort out all the ins and outs of this current legal battle.
As unfair as it might be, currently same sex married couples who both pay the mortgage are being forced to let only one person claim the tax breaks. Talking to the best real estate attorney Palm Springs can offer might give you other options that make sense to you and your partner. For example, you might be able to split the tax deduction or take a standard deduction on your real estate expenses. Contact the attorney and see for yourself what is best in your case.