Alimony and the IRS
If you are required to make alimony payments, you may be spending a large portion of your paycheck to support your former husband or wife. Many people are unaware that if the portion of money is substantial enough, it can actually be written off as a tax deduction, enabling the payer to recover some of that money. Although you may be able to claim a tax deduction, the process can be complicated.
You need to consult with a qualified legal representative if you have any questions about alimony payments. Our attorneys are experienced and ready to help you every step of the way. Contact the Conroe & Spring divorce attorneys of Garg & Associates, P.C., by calling 800-242-2151 to schedule a free consultation to discuss your legal options.
How to Deduct Alimony
There are strict rules in place by the IRS for deducting alimony payments from your taxes. These guidelines are:
- You must have documented evidence of the payment amounts and due dates
- Must make payments in cash or check
- Needs to be a clause in divorce papers stating that alimony payments can be deductible
- Make sure the alimony payments are clearly separate from child support payments
- You are not currently living with your former spouse
By deducting your alimony payments, you can save a considerable amount of money, so contact an attorney today if you have any questions or concerns.
Contact Us
If you are currently considering divorce it is important that you speak with a compassionate and knowledgeable attorney who can help you to understand how your taxes may be affected by alimony. Contact the Conroe & Spring divorce attorneys of Garg & Associates, P.C., at 800-242-2151 today.
