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My wife divorced me in 2016. I have a court order that I maintain life insurance. Can I deduct the cost of $1688 a year?
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My wife divorced me in 2016. I have a court order that I maintain life insurance. Can I deduct the cost of $1688 a year?
No you cannot ... unless the court order specified this was to be considered Alimony.
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My wife divorced me in 2016. I have a court order that I maintain life insurance. Can I deduct the cost of $1688 a year?
And life insurance on you so that she still gets paid if you died is not likely to be considered alimony in any way but you can look.
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My wife divorced me in 2016. I have a court order that I maintain life insurance. Can I deduct the cost of $1688 a year?
My papers say I have to keep $200,00 life insurance policy payable to her until alimony is payed. It does not say it is not alimony or deductible . See comment I found below. where else would I look?
Amounts paid under divorce or separate maintenance decrees or written separation agreements entered into between you and your spouse or former spouse are considered alimony for federal tax purposes if:
You and your spouse or former spouse do not file a joint return with each other
You pay in cash (including checks or money orders)
The payment is received by (or on behalf of) your spouse or former spouse
The divorce or separate maintenance decree or written separation agreement does not say the payment is not alimony
If legally separated under a decree of divorce or separate maintenance, you and your former spouse are not members of the same household when you make the payment
You have no liability to make the payment (in cash or property) after the death of your spouse or former spouse, and
Your payment is not treated as child support or a property settlement
Amounts paid under divorce or separate maintenance decrees or written separation agreements entered into between you and your spouse or former spouse are considered alimony for federal tax purposes if:
You and your spouse or former spouse do not file a joint return with each other
You pay in cash (including checks or money orders)
The payment is received by (or on behalf of) your spouse or former spouse
The divorce or separate maintenance decree or written separation agreement does not say the payment is not alimony
If legally separated under a decree of divorce or separate maintenance, you and your former spouse are not members of the same household when you make the payment
You have no liability to make the payment (in cash or property) after the death of your spouse or former spouse, and
Your payment is not treated as child support or a property settlement
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My wife divorced me in 2016. I have a court order that I maintain life insurance. Can I deduct the cost of $1688 a year?
Yesh ... quoting the IRS rules is not helping you ... the policy is not alimony since the ex doesn't receive anything to spend.... look at rule 2 "pay in cash"
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