Tax Tips – Is It Tax Deductible? – Alimony

Tax TipsLearn tax tips so you will be informed and can save money on taxes!

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.Alimony


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: