In Legal Terms: Divorce and Taxes

Professor Richard Gershon (author of seventh edition of “A Student’s Guide to the Internal Revenue Code (with Professor Jeffrey A. Maine) talks about the tax issues surrounding divorceAlimony - paid is taxable for divorces (or modified decrees ) after 2019. It's not taxable if received.Child Support payments - never has been taxableProperty Settlements - basis stays the same when transferred from one spouse to another. Release/Revocation of Release of Claim to Exemption for Child by Custodial Parent https://www.irs.gov/forms-pubs/about-form-8332Publication 504 (2019), Divorced or Separated Individuals https://www.irs.gov/publications/p504Here’s the new tax-advantaged way to pay alimony https://www.cnbc.com/2018/06/14/heres-the-new-tax-advantaged-way-to-pay-alimony.html Hosted on Acast. See acast.com/privacy for more information.