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Tuesday, March 6, 2012

"In Loss For Gay Couples, Celebrity Shrink Gets Mortgage Deduction Shrunk."

This Forbes article — via TaxProf — makes it look like gay couples are getting ripped off by the federal government. They can't be married for federal tax purposes, but they are treated as a single unit in being limited to deducting interest on only $1.1 million in mortgage debt. But if you read all the way to the end of the article, you'll see that the Tax Court was treating them the same as all other taxpayers who live together and jointly own property. That would include unmarried heterosexual couples, 2 friends living together without a sexual relationship, 2 sisters, a parent and child, etc. etc.

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