Is a one time lump sum alimony tax deductible?

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1. Licensed in CA

   

   Cathleen NortonPro

   Beverly Hills Alimony Lawyer

   Contributor Level 16

   

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   Answered February 02, 2013 23:13. The answer to your question really depends on what your agreement says. Spousal support is deductible if it is spousal support and meets certain criteria set forth in the IRS rules. An equalization payment is not tax deductible. I strongly suggest that you speak to your your lawyer to make sure that the proper language was included in your Judgment so that it is tax deductible. It might also be a good idea to read IRS Publication 504: http://www.irs.gov/pub/irs-pdf/p504.pdf Good luck.

   If you found this answer helpful, let me know by clicking the "Mark as Helpful" button or "Best Answer" at the... moreIf you found this answer helpful, let me know by clicking the "Mark as Helpful" button or "Best Answer" at the bottom of this answer. By answering this question, the Law Offices of Cathleen E. Norton does not intend to form an attorney-client relationship with the asking party. The answers posted on this website should not be construed as legal advice. The Law Offices of Cathleen E. Norton does not make any representations about your family law matter, but rather, seeks to provide general information to the public about family-law related matters. You should consult with an attorney to discuss the specific facts of your case. Thank you. less

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2. Licensed in CA

   

   Edna Straus

   San Juan Capistrano Family Law Attorney

   Contributor Level 15

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   Answered February 02, 2013 12:51. You need to get advise from a tax attorney.

   Ms. Straus (aka Carroll) may be reached at 800-400-8978 during regular business hours, Pacific Time, or anytime by... moreMs. Straus (aka Carroll) may be reached at 800-400-8978 during regular business hours, Pacific Time, or anytime by email at: ECSEsquire@AOL.com. All of Ms. Straus’ responses to questions posted on Avvo are intended as helpful information based upon the facts stated in the question, and are not to be relied upon as a final legal opinion. It may not be what you wished to hear, and it does not create an attorney-client relationship. Ms. Straus is licensed to practice law in California. If you would like to obtain specific legal advice about this issue, you must contact an attorney who is licensed to practice law in your state, and retain him or her. Me Straus provides “unbundled” services if you need specific assistance with a specific issue. less

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   Brian Munson

   Baton Rouge Tax Lawyer

   Contributor Level 12

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   Answered February 01, 2013 12:50. Alimony is deductible. However, this sounds more like a property settlement, which is not deductible.

   This answer does not establish an attorney-client relationship, Moreover, this attorney is Licensed to practiced... moreThis answer does not establish an attorney-client relationship, Moreover, this attorney is Licensed to practiced law ONLY in LOUISIANA and answers to questions from other jurisdictions or states are meant to provide only general information. Users should contact a local attorney in their jurisdiction or state. less

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