Dr. Friday 0:00
Good day. I’m Dr. Friday, President of Dr. Friday’s Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12
The Tax Cuts and Jobs Act of 2017 eliminated the deduction of child support and alimony. Alimony being the main one, child support hasn’t been a deduction for a while. So anyone that was divorced after the date of December 31, 2018, now, if you’re receiving alimony, it is not taxable. If you are paying alimony, you cannot deduct it from your tax return. Which I can be honest with you and tell you that has totally changed the way divorce has come down. Because it used to be we’d work out the numbers to make it best tax advantage. Now, we’re looking at how we can save the most for the person paying.
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