The Lewis Leeper Blog
When the divorce court orders an alimony award, there are records both the supporting and receiving spouse should keep after divorce. Alimony is tax deductible for the paying spouse, and for the receiving spouse, alimony payments are considered taxable income.
As in most other financial aspects of our lives, it’s important to keep records of your alimony payments in case of a spousal dispute or challenge from the IRS. If there isn’t documentation to prove what was paid and received, the paying spouse may lose the tax deduction or be ordered to pay back support.
There are no comments yet.