In Legal Terms: Divorce and Taxes
Professor Richard Gershon (author of seventh edition of “A Student’s Guide to the Internal Revenue Code (with Professor Jeffrey A. Maine) talks about the tax issues surrounding divorce
Alimony - paid is taxable for divorces (or modified decrees ) after 2019. It's not taxable if received.
Child Support payments - never has been taxable
Property Settlements - basis stays the same when transferred from one spouse to another.
Release/Revocation of Release of Claim to Exemption for Child by Custodial Parent https://www.irs.gov/forms-pubs/about-form-8332
Publication 504 (2019), Divorced or…
The skinny
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