Sentences with phrase «alimony as a tax deduction»

The person paying alimony is typically able to claim the alimony as a tax deduction, while the person receiving alimony needs to report the payments as income.

Not exact matches

Can anyone comment on whether this is a reasonable interpretation of the meaning of «alimony,» and / or explain how the IRS might view it if the alimony - paying spouse submitted a tax return as «Married Filing Singly» reporting the alimony paid as a deduction from taxable income?

Deductions for alimony or student - loan interest that you've paid, as well as job - related moving expenses, medical insurance for the self - employed, and penalties for early savings withdrawal are all available to you, as are the new college tuition deduction and deductions for self - employment taxes — regardless of whether you itemize your deductioDeductions for alimony or student - loan interest that you've paid, as well as job - related moving expenses, medical insurance for the self - employed, and penalties for early savings withdrawal are all available to you, as are the new college tuition deduction and deductions for self - employment taxes — regardless of whether you itemize your deductiodeductions for self - employment taxes — regardless of whether you itemize your deductionsdeductions or not.

Cavanagh v. Minister of National Revenue 2013 FCA 94 Income Tax — Deductions in computing income — Alimony Cavanagh was ordered to pay support in a specified amount per week as well as interest on any payments in default, from the date of default.

Elimination of the deduction will lead to higher revenues overall for the government because the person who deduced the alimony was likely in a higher tax bracket than the spouse declaring the alimony as income.

Due to the new tax law, spouses paying alimony won't be able to take a deduction while spouses receiving alimony will no longer have to report it as income.

As part of the U.S. Congress» drive to reform the tax system, one issue that kept on arising was whether the alimony tax deduction would be repealed.

«Before new tax bill, alimony payments paid to a former spouse were treated as a tax deduction for the payer and income to the recipient.

The issues that are typically addressed in mediation are issues related to children: legal custody and residential custody, visitation, child support, allocation of college expenses for the children, health insurance, life insurance; alimony and spousal support; division of real property, including the family home; division of tangible personal property including motor vehicles, boats, furniture, furnishings, art work, etc.; disposition of other property accumulated during the marriage, including bank accounts, investment accounts, pension / profit - sharing / retirement accounts, etc.; payment of credit cards and other debts, and tax matters including decisions relative to filing joint or separate tax returns and claiming the children as dependency deductions.