The $10,000 cap is for property, sales, and state income taxes.
Like Obamacare, the law has to be passed before we can read it and find out what is in it. He is not too happy about this indisclosed change in the law that was not disclosed in the Congressional debate re the new taw law.
Have a good day!
Asinine? I thought it was pretty eloquent. Hurt my feelings.
You are wrong. The new rules on alimony payments apply only to divorces and separations that happen in 2019 and thereafter. Under the new law alimony will be tax deductible for the recipient, not the person providing the alimony. Why don't you check out the following:
Everything you need to know about the GOP’s final tax plan in 3 charts
Like Obamacare, the law has to be passed before we can read it and find out what is in it. He is not too happy about this indisclosed change in the law that was not disclosed in the Congressional debate re the new taw law. Have a good day!
I suggest you that you read the law and understand what its impact is on you, your son, etc. The reduction in marginal tax rates in the various brackets, the doubling of the standard deduction, etc. FYI: Alimony is not under itemized deductions. Where did you come up with the $10k limit on alimony payments? It is not in the tax reform bill.
Have a good day!
Elimination of the alimony deduction only applies to divorce decrees issued after 2018, so unless he has another wife he wants to divorce, he will likely see his taxes to down. It’s shocking how people get so bent out of shape before doing the slightest research into the facts.
Source:https://www.pbs.org/newshour/politics/how-the-tax-overhaul-will-affect-alimony-deductions