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If your divorce settlement was established on or before Dec. 31, 2018, alimony payments are fully tax deductible for the individual making the payments, whether you itemize or not. For tax ...
For example, you cannot deduct fees for counseling, litigation or tax advice that you got during your divorce. The 2017 Trump tax plan also eliminated the deduction of legal expenses that were ...
Credits allow taxpayers to pay less in taxes, while deductions can reduce taxable income. [9] Credits are more preferable, but taxpayers are more likely to receive deductions than credits. Taxpayers may receive deductions for home, medical, and educational expenses; while credits may include earned income tax credits, child care/dependent ...
A divorce settlement entails which spouse gets what property and what responsibilities once the marriage is over. "It deals with child custody and visitation, child support, alimony, health and life insurance, real estate, cars, household items, bank accounts, debts, investments, retirement plans and pensions, college tuition for children, and other items of value, such as frequent flyer miles ...
United States v. Davis, 370 U.S. 65 (1962), is a federal income tax case argued before the United States Supreme Court in 1962, holding that a taxpayer recognizes a gain on the transfer of appreciated property in satisfaction of a legal obligation.
Filing your taxes can get complicated depending on your unique circumstances, and not everyone has access to an accountant or other tax professional. Related: 8 IRS Secrets To Know for the 2023 Tax...
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For example, when a spouse is to acquire the marital home as part of a divorce settlement, the other spouse may be able to transfer their full interest quickly and inexpensively via a quitclaim deed. [10] A quitclaim deed may also be used to transfer title of a property to a purchaser following a foreclosure auction.
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