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?

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