Alimony payments mandated by divorce agreements could lose their beneficial tax treatment.
The Tax Cuts and Jobs Act, unveiled on Thursday, includes a provision to kill the deduction that taxpayers get for making such payments to an ex-spouse. Although it's just one of the many tax breaks eliminated under the legislation, experts say it will end up most hurting the person receiving the money.
"Alimony payers won't be able to afford to give as much because they'll have to give it to Uncle Sam instead," said Nancy Hetrick, a certified divorce financial analyst and senior advisor at Better Money Decisions in Phoenix, Arizona. "There will be less money to go around to support the two households."
A small plane crashed into a neighborhood in Simi Valley on Saturday afternoon, killing two people...
Ruth Buzzi, a variety-show veteran most famous for her role on "Rowan & Martin’s Laugh-In", has died. She...
An Illinois landlord who killed a six-year-old Muslim boy and severely injured his mother in a...
Los Angeles county officials on Tuesday approved a $4bn payout to settle nearly 7,000 claims of...
