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Are alimony payments taxable?

When tax season rolls around, some people are stressed out and have a wide variety of questions. If you recently split up with your spouse, or are thinking about filing for a divorce, it is essential to familiarize yourself with all of your responsibilities, including those which may involve taxes. In Stamford, and cities around the state of Connecticut, understanding where the IRS stands on taxes is vital for those who receive alimony as well as those who make alimony payments.

According to the Internal Revenue Service, those who receive alimony are required to pay taxes on alimony payments. At the same time, those who are obligated to pay alimony can deduct payments made to their former spouse. Having said that, there are a number of conditions that must be satisfied in order for payments to be considered alimony by the IRS. For example, payments cannot constitute property settlements or child support, must be made via an acceptable method of payment and cannot have been made to a person living at the same residence, to name a few.

Whether you are responsible for paying alimony to your former spouse or are currently receiving spousal support, it is essential to work through tax matters appropriately. By successfully handling these and other issues related to divorce, you may be able to avoid complications, which can be particularly helpful for those who have recently split up with their spouse.

You should understand that this post does not serve as a substitute for legal recommendations.

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  • Wendy helped guide us through a very difficult and emotional process and was really able to provide an even and fair account for both parties. It's quite evident in her expertise in this area but the way she was able to make you feel safe and secure in a very insecure time goes far beyond her legal prowess. If the two parties are really willing to cooperate and collaborate, she's there to help gain the best possible solution for all involved, especially if there are children.
  • Regardless of how committed one is to the fact that divorce may be imminent and necessary, it is truly one of the most emotional and stressful situations one can experience. It can also be daunting. Wendy has a remarkable ability to cut through the noise and help you focus on the big picture while drilling down on what is most pertinent to your particular situation., they are a formidable team who work collectively with your best interests in mind.
  • Wendy and her staff were a delight to work with. During this difficult process I felt confident that the outcome would be fair and balanced, as it did. Very supportive, always well prepared and very knowledgeable. Would choose them all over again!
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