Why were alimony deductions for payors eliminated (for divorces after December 31, 2018) by the Tax Bill of 2017? Most likely it’s due to a disparity in tax reporting by individuals over many years. While legislators searched for ways to replace the enormous revenue cuts the bill proscribed, alimony was an easy target. According to…
Read MorePrenuptial agreements don’t first come to mind when one thinks of the new Tax Act. As previously discussed, the Act (signed by President Trump on December 22, 2017) will eliminate tax deductions for alimony beginning in 2019. How does this affect existing prenuptial agreements? Many prenuptial agreements contain language about alimony in case of divorce,…
Read MoreAlimony will no longer be tax deductible for payors for divorce or separation agreements signed after December 31, 2018. This is according to the new tax bill passed by Congress and signed by the President in 2017. Consequent to this tax change, recipients of alimony who, according to an Associated Press story are 98% female, will no longer…
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