Divorce is expensive, and many spouses question whether they can deduct any divorce-related expenses on their taxes. While the answer may seem simple, changing tax laws have complicated the issue for many.
If you're going through a divorce or break-up and you have children together, you'll need to discuss child support. Often, parents wonder how their child support payments impact their taxes, but you might be surprised by the answer.
Until recently, the IRS allowed paying spouses to deduct alimony payments and required recipients to report it as income. However, the rules have changed for any divorce finalized on or after January 1, 2019.
There's no doubt that tax season can be stressful for everyone, especially if you have unanswered questions about tax rules and deductions. Divorced parents often fight over which parent can claim a child on their taxes. Continue reading to learn more about how parents decide who can claim a child on a tax return.