Tax 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…
Read MoreAlimony, once considered an exclusively female benefit of divorce, is a legal right protected by the Pennsylvania Divorce Code. Because the word conjures up images of divorce half a century ago, some spouses (or soon to be ex-spouses) assume the practice, like our culture, has changed or been outgrown. Not so, at least in Pennsylvania.…
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