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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Lump sum in lieu of alimony
Lump sum in lieu of alimony
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kirkavery
Level 3
05-20-2022
07:36 PM
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Under a 2022 divorce settlement the husband must sell the condo he owned solely, that they lived in together, and pay the proceeds to his wife in lieu of paying alimony. I am aware that alimony agreed to after 2018 is no longer deductible or income. Also, that division of property in a divorce settlement is not taxable. However, does the lump sum aspect of this agreement change the nature of the payment so it might be taxable to the wife? I have seen several sources that say lump sum divorce payments are taxable?
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Accountant-Man
Level 13
05-20-2022
07:53 PM
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Distribution of the marital estate has never been income and never been alimony.
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