Are Lump Sum Spousal Support Payments Tax Deductible

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Alimony vs A Lump Sum Payment - Cornerstone Financial Planning

    http://www.cornerstoneplanning.com/newsletter/item/alimony-vs-a-lump-sum-payment
    Apr 01, 2017 · Alimony is structured so that the payor receives a tax-deduction for the payments, which are instead taxable to the payee. To qualify as alimony the payments must adhere to some strict IRS rules: the payments must be made in cash, must end …

Topic No. 452 Alimony and Separate Maintenance Internal ...

    https://www.irs.gov/taxtopics/tc452
    Jan 03, 2020 · Amounts paid to a spouse or a former spouse under a divorce or separation instrument (including a divorce decree, a separate maintenance decree, or a written separation agreement) may be alimony or separate maintenance payments for federal tax purposes. Certain alimony or separate maintenance payments are deductible by the payer spouse, and the recipient spouse must include it in income (taxable alimony …

How is spousal support taxed? Steps to Justice Your ...

    https://stepstojustice.ca/questions/family-law/how-spousal-support-taxed
    Nov 30, 2017 · If you pay monthly spousal support, you get an income tax deduction for the total spousal support you pay each year. You do not get a tax deduction if you make a one time lump-sum payment. You cannot claim a tax deduction on legal fees spent on defending a claim for spousal support.

Lump Sum Alimony – Is It Considered Extra Income and Will ...

    https://www.hg.org/legal-articles/lump-sum-alimony-is-it-considered-extra-income-and-will-i-owe-taxes-on-it-49367
    In general situations before 2019, all alimony payments are subject to taxes and deductions because these amounts are extra income for the ex-spouse after a divorce completes. There are certain mistakes the individual may make when considering the lump sum or when filing taxes, and it is important to understand these issues to avoid penalties.Author: HG.Org

Is my lump sum alimony payment tax deductible?

    https://dadsdivorce.com/articles/ask-a-divorce-lawyer-is-my-lump-sum-alimony-payment-tax-deductible/
    Answer: You need to refer to your original divorce decree. The divorce decree or marital settlement agreement should detail how the lump say payment was to be paid and the tax implications of the payment on both parties. Maintenance payments are generally tax deductible to the payer and taxable to the payee.

Adventures in alimony: No guaranteed tax deductions

    https://www.thetaxadviser.com/issues/2017/dec/alimony-no-guaranteed-tax-deductions.html
    Lump-sum or alimony buyout payments Another key alimony question that can pop up during the divorce proceedings or years later is whether a lump - sum or alimony buyout payment is deductible. Once again, it depends on the facts and circumstances.

Considering Lump Sum Alimony? Avoid These 5 Mistakes.

    https://www.equitablemediation.com/blog/lump-sum-alimony
    Simply put, a buyout (sometimes called lump sum alimony or spousal support buyout or spousal maintenance buyout) is the payment of alimony or its equivalent in one lump sum payment, rather than through periodic payments made over the course of a designated time frame.



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