Sentences with phrase «deductible as alimony»

You do this by including a provision in your divorce or separation instrument that states the payments aren't deductible as alimony by you and are excludable from your spouse's income.

If your divorce or separation agreement states that you must pay the real estate taxes for a home owned by you and your spouse, part of your payments may be deductible as alimony and part as real estate taxes.

Not exact matches

● Alimony payments: Such payments are no longer deductible by the payee and are not included as income to the receiver.

These «allowable deductions» (also known as «above - the - line deductions») may include unreimbursed business expenses, medical expenses, alimony, moving expenses, or deductible retirement plan contributions.

Under both federal and state income tax rules, alimony will be deductible by the payor spouse, and is taxable to the receiving spouse, provided that: (1) the payments are in cash and not in kind; (2) the payments are made incident to divorce or to a separation agreement; (3) the parties have not designated the payments as non-alimony; (4) the parties are not living in the same household; and (5) the payor has no liability for payment after the death of the payee spouse.

Also called post-separation support or spousal support, alimony is tax deductible to the paying spouse (or ex-spouse), and must be reported as income on the tax return of the receiving spouse.

However, premium payments may be deductible and expensed if they are part of alimony payments or as charitable contributions.

According to the new tax code, in divorces settled after this December 31 alimony payments will no longer be deductible nor reportable as income on annual tax returns.

In addition, if alimony is being paid as part of the settlement, it is generally taxable to the recipient and tax deductible to the payer, a tax principle of which many do - it - yourselfers are not aware.

Your former spouse must report them as alimony received and can include them in figuring deductible medical expenses.

Child support is not taxable, nor is it deductible, whereas alimony can be deducted as an expense, so there are tax implications to discuss in the mediation process.