Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. what do you think about the posted articles? - th

What do you think about the posted articles? - The determination of alimony versus child support...

50.1K

Verified Solution

Question

Accounting

What do you think about the posted articles?

- The determination of alimony versus child support is verycomplex, and ultimately up to the attorneys and the courts, but Ifrequently have conversations with clients about how to structurepayments to an ex-spouse in the most beneficial way for taxpurposes.

- Technically speaking, every raffle prize is taxable income,which I’m sure would come as a great surprise to most people. Thinkabout all of the Fire Dept raffles, PTO drawings, communityfundraising activities….The Oscar Gift Bags are clearly way overthe top of what most of us will receive, but it illustrates theconcept of taxable income from a prize, as the guy who won freedonuts learned the hard way.   

Answer & Explanation Solved by verified expert
4.2 Ratings (831 Votes)
A A Child Support As a general rule child support payments are not tax deductible for the parent paying the support and not taxable income for the parent receiving the supportIn other words if a spouse pays child support that spouse cannot deduct it on a tax return If a spouse receives child support the amount that spouse receives is not taxable While alimony discussed below is considered a taxable event child support is always taxneutral meaning it does not affect the spouses taxes in any way B Alimony Alimony refers to spousal support paymentssometimes called spousal maintenance paymentsthat meet the requirements for alimony or    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Roberto Rey Agudo The New York Times Opinion July 14 2018 I have an accent...

Biology
Q

Is eating vitamin-fortified foods or taking vitamin supplements a harmless form of health insurance?

Medical Sciences
Q

A hydrogen-rich gas stream contains 1.0 mole % carbon monoxide. It is desired to use a...

Physics
Q

Use double induction to prove that (m+ 1)^n> mn for all positive integers m; n

Advance Math
Q

If Earth's orbit were more ovular than circular, how would conditions on Earth be different...

Biology
Q

Identify the quadrant(s) of an angle ? that satisfies the given conditions.sin ?>0, cos ...

Basic Math
Q

Listed below are paired data consisting of movie budget amounts and the amounts that the...

Basic Math
Q

Find the length and width (in feet) of a rectangle that has the given area...

Calculus
Q

A menu offers a choice of 3 salads 9 main dishes and 6 desserts How...

Algebra
Q

Target Profit Trailblazer Company sells a product for $135 per unit. The variable cost is...

Accounting
Q

State the section(s) of the statement of cash flows prepared by the indirect methed foperating...

Accounting
Q

Sam refuses to retire until his retirement account has a balance of at least $400,264...

Accounting