Yes, in most cases, the spouse paying alimony is entitled to a tax deduction, and the spouse receiving alimony must treat the money as taxable income.
Many recipient spouses file quarterly taxes on their alimony, or spousal maintenance, payments in Queens.
As the paying spouse, you must understand that property distribution is not a tax write off, and your tax return is subject to additional scrutiny for several years following your divorce to make sure you are properly deducting only the maintenance payments you make.
Tax implications are a key consideration during divorce, which is why it’s important to work with experienced divorce attorneys who can help you predict the benefits and costs of any potential settlement over the lifetime of the agreement.
The attorneys at Zelenitz, Shapiro & D’Agostino can help you develop the most favorable alimony settlement possible.
Call us today at 718-523-1111 to speak to an experienced Queens divorce attorney for free.