What are the Tax Consequences of Alimony in Florida?
Effective January 1, 2019, alimony will no longer be tax deductible to the person paying the alimony and taxable as income to the recipient. The individual paying alimony will no longer receive an off the top deduction. Alimony will become much more expensive for the individual that is required to pay the alimony. However, alimony will no longer be counted as income to the spouse that is receiving the alimony. The new alimony tax laws only apply to divorce finalized after January 1, 2019. The bill is not retroactive and will not impact current alimony agreements. Read more about the...Continue reading