NEW TAX LAW AFFECTS ALIMONY, COULD SPUR DIVORCE SURGE
A Summary from Blake & Associates Law Firm
By Debra Cassens Weiss
The alimony tax deduction, which has been in the tax code since 1942, is changing. Once the change takes place, the spouse paying alimony will no longer be able to take a deduction while the spouse receiving alimony will no longer have to report it as income. Some experts predict that those who will be paying alimony and are on the brink of divorce will hurry to complete it before the new tax law takes effect, thereby locking in their tax deduction.