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Understanding alimony: Payments the IRS may not treat as alimony


Previously, this blog reviewed the specific definition of alimony employed by the International Revenue Services. In order to qualify for tax deductions on the behalf of the provider, and to be considered taxable income for the recipient, an alimony award must adhere to the federal government's definition of the term. In addition, it is important to be familiar with the specific forms of spousal support that are not treated as alimony by the IRS. These payments... Continue Reading...

Understanding alimony: How the IRS defines alimony


As the tax consequences of an alimony award will affect the overall financial standing of both the paying spouse and the recipient, the court will take this factor into account when ruling on spousal support - should that maintenance be deemed appropriate after a marriage. In order for an award to be tax-deductible for the payer and subject to income tax for the recipient, it must be recognized as alimony by the federal and state government. Even... Continue Reading...

Understanding alimony: How awards are taxed


Among the many factors that a court reviews to establish an alimony award, Florida law states that a judge will review the tax-related consequences for both parties as they will affect the financial standing of each. In general, the party who provides the alimony award will be able to deduct that amount from his or her taxable income. The recipient, meanwhile, is legally required to report the support as taxable revenue. They will then have... Continue Reading...
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