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Category Archives: ALIMONY
WRITTEN SEPARATION AGREEMENT REQUIRES EVIDENCE OF “MEETING OF MINDS” (AN AGREEMENT) FOR ALIMONY DEDUCTION
One of the requirements for a cash payment to be treated as alimony under Section 71(b) (1) is that it generally be paid pursuant to a divorce decree or decree of separate maintenance(or written instrument incident to the decree such … Continue reading
ALIMONY DEDCUTION: PUT IT IN WRITING OR YOU’RE OUT OF LUCK
With Pub. L. 98-369, Congress intended to end controversies over the deduction of alimony by enacting clear straightforward rules. Thus, beginning in 1985 under Section 71 alimony, deductible to the paying spouse and includible in income by the recipient, is … Continue reading
Posted in ALIMONY, DIVORCE, TAX
Tagged # INDIVISIBLE, deductible alimony, divorce decree, Robert S St, Section 71, separation agreement
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INNOCENT SPOUSE CASE OF THE MONTH – JULY 2012 YOSINSKY V COMMISSIONER, T.C. MEMO 2012-195 (JULY 12, 2012)
Yosinsky v. Commissioner illustrates a common misconception of married taxpayer’s about joint and several liability for the tax owed on a joint tax return. Contrary to popular belief the IRS is not obligated to pursue one spouse or the other … Continue reading
Posted in ALIMONY, DIVORCE, EQUITABLE RELIEF, INNOCENT SPOUSE, QDRO, RETURNS, TAX
Tagged # INDIVISIBLE, ALIMONY, DIVORCE TAX, JOINT RETURNS, QDRO, Robert S. Steinberg
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PLR SHOWS HOW TO SETTLE A MONTHLY ALIMONY OBLIGATION FOR A LUMP SUM PAYMENT WITHOUT ADVERSE TAX CONSEQUENCES
The spouses had entered into a separation agreement (MSA) before 1985 which was incorporated into a final judgment of divorce, although not merged into the judgment. The MSA provided that the husband would pay to the wife as alimony a … Continue reading
NO MAGIC WORDS REQUIRED BY TAX COURT FOR ALIMONY TO BE NON-TAXABLE / NON-DEDUCTIBLE
In Andrew Dean Shelton v. Commissioner, T.C. memo 2011-266, the Tax Court considered whether a $25,000 cash payment made pursuant to a marital settlement agreement (MSA) was alimony deductible by the petitioner. The petitioner was divorced from his former spouse … Continue reading
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