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Divorce › Tax Deductions › Internal Revenue Service

Divorce is the formal legal dissolution of a marriage. The divorce process implicates many diverse areas of the law including, but not limited to, real estate, wills and trusts, child custody, and tax.
Weber Gallagher Simpson Stapleton Fires &...

Child Tax Credit Modifications: Implications for Divorcing Couples

Weber Gallagher Simpson Stapleton Fires &... on

Parties going through a divorce often negotiate the child tax credit and dependency exemptions in either support or divorce court. The Child Tax Credit has been modified several times in the past few years and once again may...more

Fox Rothschild LLP

DANTE’S DEDUCTION: Or Did You Mean A Credit?

Fox Rothschild LLP on

There is hope that the plague is behind us. Pestilence is on its way either in the form of a lantern fly or the return of the cicada after 17 years of peace. For the divorce lawyer and his friend in crime, the accountant,...more

Cozen O'Connor

The Deductibility of Future Alimony Payments Just Might Depend on the Past

Cozen O'Connor on

The Tax Cuts & Jobs Act of 2017 eliminated the tax deduction previously allowed for alimony payments effective January 1, 2019.  This meant that alimony payments made pursuant to an agreement executed after December 31, 2018...more

Rosenberg Martin Greenberg LLP

Can a Prenuptial Agreement Executed Before January 1, 2019 Preserve Deductibility of Alimony Payments Relating to Divorce Decrees...

Rosenberg Martin Greenberg LLP on

The Tax Cuts and Jobs Act of 2017 (“TCJA”) did away with the long-standing provision allowing for deductions of alimony payments by the payor. Specifically, the TCJA adopted the prior definition of “alimony and separate...more

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