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Whether the payment is alimony will depend on how it was defined in the divorce decree or property settlement agreement. If the court defined the payment as alimony, there are tax consequences through 2018.
If the divorce became official on or before December 31, 2018, the party paying alimony can still deduct alimony (spousal support) payments from income, and the party receiving alimony must continue to report it as taxable income.
Alimony for divorces and separations finalized after 2018 are no longer taxable or deductible.
However, if the separation/severance payment was considered by the court to be a marital asset, and the payment from one spouse to the other was simply part of the property settlement, there are no tax consequences.
Whether the payment is alimony will depend on how it was defined in the divorce decree or property settlement agreement. If the court defined the payment as alimony, there are tax consequences through 2018.
If the divorce became official on or before December 31, 2018, the party paying alimony can still deduct alimony (spousal support) payments from income, and the party receiving alimony must continue to report it as taxable income.
Alimony for divorces and separations finalized after 2018 are no longer taxable or deductible.
However, if the separation/severance payment was considered by the court to be a marital asset, and the payment from one spouse to the other was simply part of the property settlement, there are no tax consequences.
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