Question – Is Alimony Tax Deductible?
Example – You are paying alimony to your ex-spouse and need a break. Is alimony tax deductible?
Answer – True or False?
The answer is TRUE.
You can deduct alimony you pay an ex-spouse, even if you don’t itemize. To qualify as alimony, the cash-only payments must be spelled out in your divorce agreement. You’re required to report the Social Security number of your ex-spouse, too, so the IRS can make sure he or she reports the alimony as taxable income.