Some Advice On Efficient Plans For Divorce Mediator

Top Guidelines For 2017 On Effective Methods

Additional general requirements for alimony payments are payments are made in cash, the spouses are not members of the same household, payments do not extend beyond the death of the receiving spouse, and the payments are not considered child support. Payments made to third parties on behalf of the receiving spouse can still be considered alimony payments if they meet the requirements above. Alimony payments are generally tax deductible to the paying spouse. Alimony payments are generally tax deductible to the paying spouse, and must be reported as income on the receiving spouse’s tax return. However, an important alimony recapture rule exists for the front-loading of alimony payments during the first year. Alimony recapture disallows the tax deductibility of alimony payments for the paying spouse. Generally, alimony recapture exists when the payments for the third year EdmontonDivorceMediation are $15,000 less than the total alimony payments made during the second year. Additionally, if the amount paid during the second and third years is reduced significantly, then alimony recapture may apply. In calculating alimony paid for alimony recapture purposes, it is not necessary to include alimony payments made for more than three years which vary based on income or payments under temporary support orders.

To read more about family law visit