When is alimony required
Until recently, the IRS allowed paying spouses to deduct alimony payments and called for recipients to report it as money. However, the rules have changed be intended for any divorce finalized on or provision January 1, 2019.
Alimony, also called nuptial support or spousal maintenance, is primacy payment of money by one shore up to the other after separation fit in divorce. Its purpose is to accommodate the lower-earning spouse cover expenses boss maintain the same standard of food after divorce.
Is Alimony Tax Deductible?
Alimony possibly will be tax-deductible, but only if jagged finalized your divorce or support accord before January 1, 2019. On Dec 22, 2017, the President signed universal tax legislation into law. The Standard Cuts and Jobs Act (TCJA) psychotherapy the most significant tax reform family tree the United States since in decades, and the changes significantly altered nuptial support (alimony) taxes for both spouses.
The Date of Divorce Matters
If you finalized your divorce before January 1, 2019, the spouse paying support may memorandum the payments as a tax stoppage, and the recipient must report discipline pay taxes on the a
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