Asked by Bailey Ables on Jun 04, 2024
Verified
Under a divorce agreement executed in 2017,periodic payments of either cash or property must be made at regular intervals to be deductible as alimony.
Periodic Payments
Regular payments received over a period of time, such as annuities, pensions, or dividends.
Divorce Agreement
A legal document finalized in a divorce that outlines the terms of the divorce, including property division, child custody, and alimony.
- Become familiar with the taxation of alimony payments under the terms of divorce or separation agreements.
Verified Answer
SA
sarah AlharbiJun 05, 2024
Final Answer :
False
Explanation :
Under the Tax Cuts and Jobs Act of 2017, for any divorce or separation agreement executed after December 31, 2018, alimony payments are not deductible by the payer, nor are they includable in the income of the recipient.
Learning Objectives
- Become familiar with the taxation of alimony payments under the terms of divorce or separation agreements.
Related questions
_______Alimony Is Designed to Provide Ex-Spouses with the Education, Training ...
The Sharps Were Granted a Decree of Divorce Effective January ...
Why Is It Important to Distinguish Between a Property Settlement ...
Rick and Lenora Were Granted a Divorce in 2016 How ...
Mike and Karen Were Divorced ...