2007-06-18 07:08:00 · 5 answers · asked by rick n 1 in Business & Finance ➔ Taxes ➔ United States
I've included links to explaining for you the taxability or deductibility of alimony payments
2007-06-18 07:13:19 · answer #1 · answered by Anonymous · 0⤊ 0⤋
"Lump sum" and "alimony" do not go together for IRS purposes. Alimony is a periodic payment, and a lump sum would be considered a division of marital assets.
If you receive a lump sum subsequent to a property settlement or divorce, it is not taxable income to you or deductible by the payor.
2007-06-18 07:17:02 · answer #2 · answered by ninasgramma 7 · 3⤊ 1⤋
Alimony is taxable to recipient and decuctible to payor, unless, designated a division of marital assets by court.
2007-06-18 09:14:12 · answer #3 · answered by acmeraven 7 · 2⤊ 0⤋
If he purely will pay for 365 days and that's it, there's a situation using drop off in funds. there's a an alimony recapture if the dropoff is $XX,XXX to $0. See IRS booklet 504, pages sixteen-17 to calculate how plenty may well be deducted. (Of if it replaced into deducted, how plenty to recapture in year 3.)
2016-12-08 12:42:26 · answer #4 · answered by Anonymous · 0⤊ 0⤋
assuming that it IS alimony and not a division of property, it is taxable income unless the divorce decree specifically states that it is not taxable to the recipient and not deductible by the payer.
2007-06-18 07:35:39 · answer #5 · answered by RichManPoorMan 2 · 1⤊ 1⤋