IRS To Recognize All Legal Same-Sex Marriages for US Federal Tax Purposes

On August 29, 2013, the US Internal Revenue Service (“IRS”) and the US Department of Treasury released announcements confirming that in light of the historic US v. Windsor ruling from June 26, 2013, the IRS will recognize all legal same-sex marriages performed in one of the 50 states, the District of Columbia, a US territory, or a foreign nation. Read the rest of this entry »

State Inheritance & Estate Taxes and New York’s Estate Tax Refund To Same-Sex Couples

State Estate & Inheritance Taxes

A lot is often said about the US federal estate tax, especially amongst Canadians with US property. What many Canadians do not realize is that 14 different US states, and Washington, D.C., levy state estate tax as well. An additional five states levy an inheritance tax, with New Jersey and Maryland having both estate tax and inheritance tax. An inheritance tax is normally levied on inheritance received by friends, unmarried partners, and non-immediate family. A deduction or credit is typically given against state estate tax for inheritance tax paid in states with both taxes. Read the rest of this entry »

Is a Limited Liability Company (LLC) good for Canadians buying in the U.S.?

If you are Canadian, the answer to that question is: it depends.

People purchasing real estate in the U.S. are faced with different challenges depending on whether they plan on using the property personally or renting it. In this article, we will address the latter issue and its different implications. Read the rest of this entry »