Is spousal support and alimony the same thing?
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Is spousal support and alimony the same thing?
“Spousal support” is the money that one spouse may have to pay to the other spouse for their financial support following a separation or divorce. It is sometimes called “alimony” or “maintenance.” Spousal support is usually paid on a monthly basis, but it can be paid as a lump sum.
What payments may be considered alimony?
Amounts paid to a spouse or a former spouse under a divorce or separation instrument (including a divorce decree, a separate maintenance decree, or a written separation agreement) may be alimony or separate maintenance payments for federal tax purposes.
Can a property settlement be considered alimony?
In the course of a marital dissolution, spouses may divvy up their financial assets. Some may take the form of property settlements, which are tax-free events, or alimony, which is taxable to the recipient and deductible by the payer.
Can mortgage payments be considered alimony?
Common payments made to third parties and treated as alimony include medical expenses and rent or mortgage payments. However, any payments to maintain property owned by the paying spouse and used by the receiving spouse are not considered alimony (Temp. Regs.
