How Will Alimony Impact Your Taxes?

If you are paying alimony in the state of Florida, you may have questions about how your payments will impact your taxes. In Florida, alimony is a tax deductible expense, which means you can claim these payments as part of your expenses. Additionally, the spouse that receives alimony payments must list the payments on his or her taxes as part of his or her income.

This tax structure is required by law. For this reason, neither spouse should consent to any verbiage in divorce agreements that does not comply with this tax structure.

If you pay or receive large amounts of alimony in Florida, it can definitely impact your overall taxes and financial big picture. Should you have questions about alimony, it is a wise idea to take the time to meet with a Jacksonville family law attorney at Jacksonville family law attorney at Hutchinson Law. To learn how we can help you, contact us today to set up your initial consultation.