Tax Code Changes Create Challenges
What should partners who married under California’s Equal Marriage Law be concerned about or plan for in terms of taxes?
Same sex marriage is now recognized in California. This means, from a tax perspective, same sex married couples face the same issues as opposite sex couples. They are also eligible to take advantage of what we call the “biggest tax loophole of all time” – the double step-up in basis on community property.
This is a section of the tax code that stipulates when property is held as community property and one spouse dies, the appreciation on the property is not taxed to the Read more