Alimony

If you’re thinking about filing for divorce and might be liable for alimony, you need to hurry up.

The new tax law passed in January eliminates the tax deduction for alimony for divorce agreements dated December 31, 2018 or later. That means the payor cannot deduct it on taxes and the recipient need not claim it as income.

The can even impact existing agreements that are changed after that date, if the parties are careless on wording of the agreement.

For the payor, that could add a lot to costs.

Think about it. The far right wants to make it more expensive to divorce, and wants more guns in circulation.

What conclusion could you draw from that?


Sources:  https://www.marketwatch.com/story/new-tax-law-eliminates-alimony-deductions-but-not-for-everybody-2018-01-23

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.