Bombshell magazine

Dec New Tax Bill Guts Alimony Tax Deductions. December 3 20– which means, individuals have one year to . Nov For decades, alimony has been tax deductible to the payer and taxable. Feb The Tax Cuts and Jobs Act “TCJA” has a definite effect on alimony payments. Prior to the new law, alimony payments could be deducted by the . Mar “Under the current rules, alimony is deductible for the person paying it and taxable for the person receiving it,” says Benning. Recently, Congress passed tax reform (known as the “ Tax Cuts and Jobs Act”) which, in part, eliminated the alimony deduction for divorces entered after . Apr Many of the changes took effect on January 2018.

Elimination of Alimony Income and Deduction The elimination of the . Under the new tax bill, the tax deduction for alimony payments is eliminate and recipients no longer need to treat alimony received . Jun Currently, in alimony arrangements, the payor spouse can deduct. Jan Before 20, the former spouse who made alimony payments was able to use it as a tax deduction. In addition, the law used to require the . Mar Alimony payments can be affected by the new tax cuts and can affect.