Sentences with phrase «alimony deduction»
The phrase "alimony deduction" refers to a financial benefit that allows a person to deduct the money they pay in alimony or spousal support from their taxable income. It helps individuals reduce their tax liability by subtracting the amount they pay in alimony from the total income they report on their tax return. Full definition
Alimony Deduction Repealed If you're close to completing a divorce settlement agreement, the tax consequences may be more favorable if you close the deal before the end of 2017.
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The law allows recapture of certain alimony deductions.
It's likely couples will negotiate a settlement that takes into account the loss of the spousal maintenance or alimony deduction after December 31, 2018.
Now the TCJA wipes out both the alimony deduction for payors and the tax liability for recipients.
Reading too fast, we thought repeal of the alimony deduction took effect in 2018, but this change in the law is delayed until 2019.
Editor's note: A previous version of this article incorrectly stated that the alimony deduction would no longer apply in 2018.
You have to report it on your tax return in order to claim the alimony deduction.)
Reading too fast, we thought repeal of the alimony deduction took effect in 2018, but this change in the law is delayed until 2019.
Nobody who entered into a divorce judgment after Dec. 31 will get to take advantage of the alimony deduction.
The alimony deduction has been in the tax code since 1942.
What's the big deal about the alimony deduction repeal and what does it mean for my pending divorce?
Pittsburgh Family Law Attorney Brian Vertz Continues Tax Reform Discussion on New Laws, Alimony Deductions
Trumping the Alimony Deduction and More!
Starting in 2019, spousal maintenance or alimony deduction will no longer be tax deductible.
This is a significant development in family law, because during 2015, approximately 600,000 couples used the alimony deduction on their federal tax returns.
Do you think the provision to kill the alimony deduction in the proposed Tax Cuts and Jobs Act will have a negative impact on the majority of your clients?
Alimony Deduction will be eliminated One of the most significant implications of the new tax law for divorcing couples is the change in the way alimony is taxed and deducted.
You have to report it on your tax return in order to claim the alimony deduction.)