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Essay / Research Paper Abstract
5 pages. This research paper will explain all about the income tax implications for those that are divorced, paying alimony or perhaps receiving alimony. It gives form information that you need for your tax returns and other very handy information. Bibliography lists 2 sources.
Page Count:
5 pages (~225 words per page)
File: D0_JGAalimo.rtf
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Effect on Income Tax Research Compiled for Enterprises Inc. 11/2001 to Use This Paper Properly, Please Visit
paperwriters.com/aftersale.htm INTRODUCTION This research paper will explain all about the income tax implications for those that are divorced, paying alimony or perhaps receiving alimony. It gives form information
that you need for your tax returns and other very handy information. ALIMONY AND INCOME TAX Alimony is considered to be monies paid to one spouse or the other
as terms of the agreement of the ending of the marriage. It does not include those payments that are made voluntarily. The following are some rules of thumb
to remember regardless of when the separation or divorce occurred, and alimony is NOT the following: * Child support, * Noncash property settlements, * Payments that are
your spouses part of community income, as explained later under Community Property, * Payments to keep up the payers property, or Use of property. *
Example. Under your written separation agreement, your spouse lives rent-free in a home you own and you must pay the mortgage, real estate taxes, insurance, repairs, and utilities for the
home. Because you own the home and the debts are yours, your payments for the mortgage, real estate taxes, insurance, and repairs are not alimony. Neither is the value of
your spouses use of the home. * If they otherwise qualify, you can deduct the payments for utilities as alimony. Your spouse must report them as income. If
you itemize deductions, you can deduct the real estate taxes and, if the home is a qualified home, you can also include the interest on the mortgage in figuring your
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