Sentences with phrase «deduct alimony payments»

Under the new law, the paying spouse will not be able to deduct alimony payments from income and the receiving spouse will not be required to pay tax on the alimony income.

And how about this one Joe, starting in 2019, you can no longer deduct alimony payments.

Not exact matches

Payors will no longer get to deduct alimony, but the payments will be tax - free for the recipients.

A person making qualified alimony payments can deduct them.

Child support and alimony payments can be deducted from a bankrupt's monthly net income.

However, for divorces finalized in 2019 or later, no alimony payments may be deducted.

If the divorce or separation agreement requires you to pay these premiums, and your spouse owns the policy, then you may be able to deduct those premium payments as alimony.

Essentially, if the divorce decree or separation agreement states that you must pay expenses for a home owned jointly by you and your spouse / former spouse, and you must pay all of the mortgage payments, real estate taxes and / or homeowners insurance, then you may be able to deduct a portion of these payments as alimony.

Alimony payments to the other parent may also be deducted from gross income.

If the payments otherwise qualify, you can deduct them as alimony on your return.

The new tax bill recently signed into law has created some tax advantages for some taxpayers, but for couples divorcing the long - established ability to deduct spousal maintenance payments (also known as alimony in some states) is being ended.

If you and your ex-spouse continued to share a residence after the divorce, any alimony payments made during that time can not be deducted.