Trump’s new tax bill and its effect on divorce in 2018
The 2017 Tax Reform Act signed into law last month makes major changes to the way alimony is treated for tax purposes. It may cause many people to finalize their divorces before 12/31/18 to take advantage of the prior tax law that, in general, permitted the person paying alimony to deduct the payments from his or her gross income and required the recipient of alimony to include the receipt of the payments in his or her gross income. This article will assist you in understanding these changes.
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