Currently, spousal support is tax deductible to the individual that is paying it (payor) and considered taxable income to the recipient (payee). That is all changing due to the new tax laws enacted by Congress.
Starting January 1, 2019, spousal support will no longer be tax deductible for the payor and will not considered taxable income to the payee. This new tax law will only impact court orders and separation agreements made after December 31, 2018. This recent change will significantly impact the way spousal support is negotiated and decided upon by the Courts.
Contact The Law Offices of Saia, Marrocco & Jensen Inc. at 614-444-3036 to learn more about how the new tax law may impact your case.
