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
When a couple is getting divorced both current and future tax obligations as well as tax basis are very important. There are four areas that we frequently advise our clients about. Originally published on ABC15 Sonoran...more
For the past several decades the “alimony deduction” has been available to all divorcing couples. This deduction provided that the spouse making alimony payments could deduct alimony payments from his or her income and the...more
By now most people are aware of the impending changes to the U.S. tax code brought about by the GOP tax bill, dubbed the “Tax Cuts and Jobs Act,” which Congress voted to pass on December 20, 2017. These substantial changes,...more
Under the current tax law, individuals making spousal support payments may deduct the payments on their tax returns. Conversely, the individual receiving alimony must count those payments in his or her gross income....more
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