The new tax law known as the Tax Cuts and Jobs Act will
impact married taxpayers who divorce after December 31, 2018. Like they say, “timing is everything,” and
that is certainly the case here.
Before the TCJA, alimony was deductible on the tax return of
the spouse who paid alimony, and reported as income on the return of the spouse
who received the alimony. The TCJA
changed that. If you sign a divorce or
separation agreement after December 31, 2018, alimony payments are not
deductible by the payor and are not included in income of the payee.
So, if you are in the process of a divorce and will be
paying alimony, hurry up and sign those papers!
If you will be on the receiving end of those alimony payments, you’ll
want to move more slowly.
Consider using the loss of the tax deduction to negotiate a
lower payment if you will be paying alimony.
If you are currently paying or receiving alimony from an
agreement that was signed before December 31, 2018, you may still deduct
payments of alimony and must include alimony payments received in income on
your return.
Honorine M. Campisi,
CPA
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