Question:
I pay a monthly property settlement to my ex-wife on the equity in our former marital home. This payment is mandated in our marriage separation agreement.
Are these property payments tax deductible?
Answer:
I can only provide general divorce tips for men and recommend that you consult with a mens divorce attorney licensed in your state concerning your divorce case.
The answer to your question will most likely be determined by the classification of the monthly payments. Generally speaking, each state will have its own laws on alimony, also known as maintenance or spousal support.
Where I practice, alimony is tax deductible to the payor and income to the recipient. However, property division payments and child support payments are not tax deductible.
Depending on the laws of your state and the language of your marriage separation agreement, it may be possible to classify your payments as spousal support.
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I recommend that you consult with a mens divorce attorney licensed in your state to review your judgment and provide an opinion as to classification. It may be of additional benefit to have your judgment reviewed by your tax professional.
To schedule an appointment with a divorce attorney, including Milwaukee Divorce Lawyer Daniel L. Lambert, please contact Cordell & Cordell Law Firm.
is the property settlement check I paid my wife,in a devorce settlement,for a quit-claim deed,tax deductible ?
is a property settlement check tax deductible;for a quit-claim deed ?