News & Analysis as of September 22, 2024

Alimony

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

Tax Court in Brief | Aragoni v. Comm'r | Disallowance of Deduction of Ex-Spouse’s Attorney Fees as Alimony

Freeman Law on 1/30/2023

Summary: In this non-precedential opinion (see section 7463(b)), the Tax Court addresses an alimony deduction claimed by taxpayer Terrence Aragoni. Aragoni divorced his wife. By court order, Aragoni was ordered to pay $9,146...more

Tax Court in Brief | Rojas v. Commissioner | Deduction of Alimony and Child Support Under IRC Section 215

Freeman Law on 8/2/2022

The Deductibility of Future Alimony Payments Just Might Depend on the Past

Cozen O'Connor on 9/25/2019

The Tax Cuts & Jobs Act of 2017 eliminated the tax deduction previously allowed for alimony payments effective January 1, 2019. This meant that alimony payments made pursuant to an agreement executed after December 31, 2018...more

Decoding the Tax Cuts and Jobs Act – Part VII: Family Matters and Major Events in the Lives of Individuals

Foster Garvey PC on 3/9/2018

The Tax Cuts and Jobs Act (“TCJA”) creates the need for tax planning with respect to several major life-changing activities individuals may encounter, including marriage, divorce, home ownership, casualty losses, medical...more

Summary of Tax Cuts and Jobs Act

Schwabe, Williamson & Wyatt PC on 12/29/2017

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more

Estate Planning and Prenuptial Agreements: Tax Implications of Alimony

Burr & Forman on 6/16/2017

When contemplating marriage and estate planning, frequently, individuals will enter into prenuptial (premarital) agreements to address their rights and obligations during the marriage and in the event of a divorce or death. A...more

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