Divorce Series Part 7 Tax Cut and Job Act (TCJA); Repeal of Alimony
Video Transcript
This video discusses alimony and tax issues involving divorce and matrimonial. Some of the talking points include: • TCJA affected divorces by denying the deductibility of alimony. This made 2018 an extremely busy year because most people getting a divorce wanted agreements signed prior to year end. • Some states may still allow alimony deductions. Currently, NJ does not but may change. • It is projected to raise an additional $6.9 billion over the next 10 years. • Changes alimony, divisor 1/3 to 1/4. • Alimony is no longer deductible for divorces that are settled after 2018, but is still deductible for those signed before 2019. Most people do not realize that alimony has to meet certain requirements. We have handled a few audits of alimony and the government is pretty strict in what is considered alimony. For more information visit our website or contact us below: https://www.rabcpafirm.com/practices/… Other Videos About Alimony: • New Jersey Forensic Accountant Explains Calculating Alimony Using the Sanity Check: 
• New Jersey Forensic Accountant Explai… • Divorce in New Jersey – Process, Rules & Regulations: • Divorce in New Jersey – Process, Rule…