Q Can you deduct alimony payments?
A Alimony is an amount paid to a spouse or former spouse under a divorce or separation agreement, and does not include child support payments or property settlement amounts.
“Alimony received is generally taxable income on the recipient?s tax return in the tax year it is received,” said Marc Minker, a certified public accountant and personal financial specialist.
A spouse or former spouse may deduct alimony paid on his or her tax return in the tax year paid, he said.
However, couples may clarify in divorce decrees that alimony is neither taxable to the recipient nor deductible by the payer.
