Alimony 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…
Read MoreTax deductions are on the chopping block in the House tax reform bill that passed November 16, 2017 which, in turn, would put more pressure on divorce negotiations across the country. The pending Senate version would leave things as they are. If the House bill clause survives Senate revisions this week, anyone paying alimony for…
Read MoreIf you pay or receive alimony, who pays the taxes? The quick answer under federal tax law is: if you are receiving “qualifying” alimony payments, you must declare the payments as income and pay taxes on the amount received. If you are making the alimony payments, you are able to deduct the amount you have…
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