Alimony and the Recent Tax Reform
Alimony and the Recent Tax Reform Attorney Union County New Jersey
Helping clients across Union, Essex, and Middlesex Counties with offices in Linden, NJ
Our founding attorney Edward S. Cooper ESQ has served as a panelist in the Early Settlement Panel – a mediation panel – for family law matters during his distinguished career. He also served as the co-chairman of the real estate committee for the Union County Bar Association.
With his experience acquired through several years practicing family law matter, in the following video, Mr. Cooper gives us an update on the recent tax reform and how it directly impacts alimony, whether you are the payor or the payee.
The other issue I want to bring up to attention is the tax reform of 2019, which is very important. Alimony now is not tax-deductible by the payor, and it is no longer income to the recipient. We think of alimony as in the past when someone paid alimony that they paid-out, let´s say it was a $1000 a month, would be tax-deductible on that person´s tax return from the gross income. The $1000 received by the payee would normally be considered income—2019 with the tax reform, which is no longer the case. So, any alimony paid now by the payor is not tax-deductible, nor is their income.
Get in touch with our Linden NJ Family Law Attorney to discuss your personal situation and provide specific assistance.
If you have additional questions regarding family law, child support, custody, equitable distribution, I ask that you contact my office and schedule an appointment with my assistant Sherryl, my paralegal. We will schedule an appointment, and we will be happy to answer your questions.
To discuss your current situation and find the answers to your questions, contact our offices today by calling (908) 925-9055 for a confidential consultation regarding your Alimony doubts or questions.