Treasury Department Grants Recognition to Same-Sex Couples for Tax Purposes Staff

8/29/2013 3:15:00 PM - Staff

Some not insignificant breakings news (via Reuters):

All legal same-sex marriages will be recognized for U.S. federal tax purposes, the Obama administration said on Thursday, allowing gay couples to claim the same tax benefits that heterosexual couples do.

As expected after a landmark Supreme Court ruling in June, the U.S. Treasury and Internal Revenue Service said:

"The ruling applies regardless of whether the couple lives in a jurisdiction that recognizes same-sex marriage or a jurisdiction that does not recognize same-sex marriage."

More from CNN Money:

It affects how couples will be treated in terms of all federal taxes, including income taxes, estate and gift taxes, health insurance, retirement accounts and employee benefits.

The ruling applies to any same-sex couple legally married in any state, the District of Columbia, a U.S. territory or foreign country. It does not apply to registered domestic partnerships, civil unions or other formal relationships recognized under state laws.