Sentences with phrase «couples in community property states»

The Internal Revenue Service (IRS) created Form 8958 to allow couples in community property states to correctly allocate income to each spouse that may not match what is reported to the IRS.

Married couples in community property states soon discovered that they could save money by employing community property laws to split income.

The IRS suggests married couples in community property states look at their tax situation under both joint and separate filing options to determine which version saves them the most (TurboTax will do this for you).

This opened the door for higher - income couples in community property states to shift income and lower their tax burden as compared to couples in common law states.

Here in Part 2, I'll explore what happens when a same - sex couple in a community property state moves to a non-community property state such as Iowa during the middle of the year.

Not exact matches

This may also apply to couples who reside in community property states.

Even though the federal government doesn't recognize same - sex marriages, the IRS says that couples in same - sex marriages or domestic partnerships (RDPs) in community property states must apply community property laws on their separate federal tax returns.

John and Betty are a married couple in California, which is a community property state.

When couples in a same - sex marriage live in a community property state, they must follow community property laws on their federal tax return, even though the federal government doesn't recognize their marriage.

Couples in same - sex marriages or RDPs in community property states CAN NOT file as married, but they MUST apply community property laws.

Indeed it is still referenced today in issues relating to taxation in community property states — including a key IRS ruling in 2010 that affected same - sex married couples and registered domestic partners in community property states.

It would take another 18 years after Poe v. Seaborn before filing statuses were created and equality would be achieved between married couples in common law and community property states.

There are nine states in the United States which practice the community property model, and Alaska allows a marital couple the choice of entering such an arrangstates in the United States which practice the community property model, and Alaska allows a marital couple the choice of entering such an arrangStates which practice the community property model, and Alaska allows a marital couple the choice of entering such an arrangement.

Those couples were fortunate to live in a «community property» state.

Sally Herigstad: Foreclosure's impact on married couples — When a mortgage is in one spouse's name, if you choose to foreclosure, the impact to the other spouse's credit can depend on whether you live in a community property state... (See Credit and foreclosure)

Alaska allows couples to follow community property, but it is not the default in the state.

In some states, there are community property laws that equally distribute a couple's property in the event of a divorcIn some states, there are community property laws that equally distribute a couple's property in the event of a divorcin the event of a divorce.

Community property states include Alaska (couples must choose to opt in), Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin.

In community property states, the law demands that courts divide marital property 50/50 when couples divorce.

When couples divorce in community property states, all of those assets and debts acquired during the marriage get divided equally.

Following the visit to the property, the owner emailed the couple and stated that he did not want to rent to the couple for two reasons: first, the couple had children; and second, the owner had «kept a low profile» in the community and wanted to keep it that way.

Community Property In some states, especially the southwest, property acquired by a married couple during their marriage is considered to be owned jointly, except under special circumProperty In some states, especially the southwest, property acquired by a married couple during their marriage is considered to be owned jointly, except under special circumproperty acquired by a married couple during their marriage is considered to be owned jointly, except under special circumstances.

In community property states, a house purchased by a married couple becomes the joint property of both, no matter who put up the money to buy it.