In years past an individual receiving alimony would be required to include it as income on their tax return; the individual paying it could also take it as a deduction against their income.
Effective 2019 this changes ... Alimony is no longer required to be reported as income by the recipient; and if the recipient does not report it as taxable income then the payer cannot deduct it as they would have in the past.
We are on top of this new tax law here at LCI Taxes and are ready to help you and your family prepare for these changes as well as any others that may be forthcoming. Give us a call at 386-586-3976 with questions or to schedule your appointment!
Chris Kocher CPA