Sentences with phrase «alimony tax deduction»

The Tax Cuts and Jobs Act eliminated the alimony tax deduction, which analysts say could prompt a spate of 2018 divorce filings, especially among high earners.

Yet, if an agreement or order is signed before Dec. 31, the alimony tax deduction may be preserved for the duration of the agreement or order.

The alimony tax deduction has existed for decades.

The repeal of the alimony tax deduction affects divorce settlements and court orders that are signed after Dec. 31, 2018.

The Senate version of the bill did not contain a repeal of the alimony tax deduction.

Despite lobbying by the American Academy of Matrimonial Lawyers and the ABA Family Law Section, the reconciled bill still contains a repeal of the alimony tax deduction at Sec. 11051.

The repeal of the alimony tax deduction is just one of many changes in tax law that may affect separated and divorcing couples, and unmarried couples with children.

Perhaps the only consolation is that, if the bill is enacted, the repeal of the alimony tax deduction will not be effective until year - end 2018.

For weeks now, family lawyers have watched Congress wrestle with details of the Tax Cuts & Jobs Act of 2017, including the repeal of the alimony tax deduction first proposed by the House in November 2017.

With Congress acting quickly to pass tax reform, which may include repeal of the alimony tax deduction, family lawyers might need to know how to protect their clients» marital settlement agreements.

But in most cases divorcing couples took advantage of the alimony tax deduction.

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drive to reform the tax system, one issue that kept on arising was whether the alimony tax deduction would be repealed.

But now that Congress has changed the alimony tax deduction, the timing of your divorce matters.

The House of Representatives passed a version of the tax bill that included a repeal for divorces finalized after December 31, 2017, while the Senate version of the bill included no alimony tax deduction repeal.

But now that Congress has changed the alimony tax deduction,... Read more about The Alimony Tax Deduction: Will 2018 Be the Best Year to Divorce?