THE FUTURE OF ALIMONY How the new tax law could affect divorce in Nevada
If you pay or receive alimony, you are familiar with the tax consequences; alimony is deductible for the payer, and reportable as income to the recipient. Beginning in 2019, the questionably named “Tax Cuts and Jobs Act” will drastically change the way alimony is treated for tax purposes. Alimony will no longer be deductible or reportable for divorces occurring in…