What do you think about the posted articles?
- The determination of alimony versus child support...
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Accounting
What do you think about the posted articles?
- The determination of alimony versus child support is verycomplex, and ultimately up to the attorneys and the courts, but Ifrequently have conversations with clients about how to structurepayments to an ex-spouse in the most beneficial way for taxpurposes.
- Technically speaking, every raffle prize is taxable income,which I’m sure would come as a great surprise to most people. Thinkabout all of the Fire Dept raffles, PTO drawings, communityfundraising activities….The Oscar Gift Bags are clearly way overthe top of what most of us will receive, but it illustrates theconcept of taxable income from a prize, as the guy who won freedonuts learned the hard way.  Â
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A A Child Support As a general rule child support payments are not tax deductible for the parent paying the support and not taxable income for the parent receiving the supportIn other words if a spouse pays child support that spouse cannot deduct it on a tax return If a spouse receives child support the amount that spouse receives is not taxable While alimony discussed below is considered a taxable event child support is always taxneutral meaning it does not affect the spouses taxes in any way B Alimony Alimony refers to spousal support paymentssometimes called spousal maintenance paymentsthat meet the requirements for alimony or
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