Have you been paying alimony as part of a divorce or separation? You may be able to count these payments as deductions on your federal taxes.
What Are the Rules?
Just because you pay money to your spouse as part of a separation or divorce agreement does not mean you can automatically deduct these payments from your taxes. Your case must meet a certain set of requirements:
- The spouses must not file a joint return.
- The payments must be made in cash.
- The divorce or separation instrument must designate the payments as alimony.
- The spouses must not be members of the same household at the time payments are made.
- The payments must not be those that are treated as child support or property settlement.
If your case meets these requirements, you may be able to deduct these expenses from your taxes when you file. Furthermore, it is important to note that even if you do not itemize your deductions, you can still deduct alimony payments from your taxes.
If you’re not sure whether you can deduct the alimony you’ve paid, you should get in touch with a tax specialist from Taxation Solutions, Inc. We have years of experience helping Mesa-area taxpayers handle tax issues of all varieties, including taxes for alimony paid, and we can’t wait to assist you! Call today.