Bi Partisan support is trending toward adding animal friends and beneficial vegetables to the wed-ables
Either Forbes edited their page after you exerpted it or you just made this section up.
The basis of the article is that the IRS used to limit home interest deduction to a house value of $1.1 million with married couples filing separately explicitly limited to $550,000 each (you have to split the allocation equally even if it would be better for you to give it all to one spouse). The 9th Circuit Court said that cohabiting gay couples could each take the $1.1 million maximum deduction stating that the $550,000 for each spouse was an explicitly special case. In my opinion, they ignored the obvious that the special case was only that it had to be split evenly rather than allowing a different split.
It is unclear from the article how this would affect non-homosexual people buying a house together, such as siblings or parent & child.
In an illustration of how multiple smart people can look at the same set of facts and reach a different conclusion, late last year the Ninth Circuit reversed the Tax Court’s holding, deciding instead that the $1,100,000 limitation on qualified debt is determined on a per-taxpayer, rather than a per-residence basis.
But where are the smart people? I only see a reference to the Ninth Circus.
Karl, I just checked, and this
Bi Partisan support is trending toward adding animal friends and beneficial vegetables to the wed-ables
Is NOT in the article.
Rabin, what happened????