A same-sex marriage bump for NY real estate?

July 21, 2011 06:20PM

This Sunday is this first day gay couples will be allowed to legally marry in New York, and the real estate industry is already bracing for a possible boost. As CNBC points out, some same-sex couples from other, nearby states may be tempted to move to New York to take advantage of their newfound financial and legal benefits when it comes to real estate. Lawrence Rich of Prudential Douglas Elliman noted that for the first time, “both parties will be able to have their names legally on documents like proprietary leases in co-ops.” There are also tax breaks. “The estate tax issue will now be transferred tax free from one spouse to another. Before, without being legally married it was not the case,” explained Victoria Shtainer, also of Eliman. Plus, she said, “there is a $500,000 marital deduction if you sell your primary residence if you resided there two years or more. For a single person it is only $250,000.” [CNBC]