alimony deductible ?

[John]

I am considering going through a divorce but want to know about
alimony being tax deductible.

Suppose my alimony payments are $40k a year, mortgage $40k, property
tax $10.

If my income is $240 are all of the above tax deductible... also will
I get hit by the AMT ?

( Also is court ordered spousal support during the divorce proceedings
up to the
finalization of divorce tax deductible ? )

Thanks.

[Don Priebe]

>I am considering going through a divorce but want to know about
> alimony being tax deductible.

The alimony payments are an adjustment to income - you get to "deduct" them
even if you don't itemize any other deductions.

> Suppose my alimony payments are $40k a year, mortgage $40k, property

> tax $10k.
> If my income is $240k are all of the above tax deductible... also will

> I get hit by the AMT ?

[Assuming that you file after the divorce as single] Yes they are all
"deductible". You do NOT get hit with AMT, but you do loose about $2,000 of
your deductions and personal exemptions because of your high income.

--
Don EA in Upstate NY

[Paul Thomas]

"John" <qjohn...@yahoo.com> wrote

>I am considering going through a divorce but want
> to know about alimony being tax deductible.

Alimony paid is deductible on the front of the 1040.

Alimony received is taxable income.

[KEBSC...@aol.com]

Alimony deductible? Yes, Just watch out for the ALIMONY RECAPTURE.

Here is what IRS Publication 504 states,

Recapture of Alimony
If your alimony payments decrease or terminate during the
first 3 calendar years, you may be subject to the recapture
rule. If you are subject to this rule, you have to include
in income in the third year part of the alimony payments you
previously deducted. Your spouse can deduct in the third
year part of the alimony payments he or she previously
included in income.

Cheers,

WDK