Thursday, November 30, 2017
No Alimony Deduction Under New Tax Bill
From Pennsylvania Family Law:
Any American with a pulse knows that 2017 was to be the first overhaul of U.S. Tax Law since 1986. Until this week, what was circulating through Washington was an 18 page executive summary. That changed yesterday when the House Republican Tax Policy Committee circulated a draft bill that specified exactly what changes were being proposed.
The draft bill summary merits some review because parts of it will affect most of us. But the divorce bar was shocked to see that among those tax “loopholes” on the chopping block is the alimony deduction.
Read more here.