The Tax Cuts and Jobs Act created significant ramifications in the divorce context, particularly on the income tax front.
- This article discusses seven areas impacted by the new tax laws–including taxation of trust income and other important considerations.
- Issues including taxation of alimony payments, the suspension of the personal exemption and the miscellaneous itemized deduction, as well as possible higher valuations for closely held businesses, are also covered.
- Family law practitioners must stay informed about how the new tax laws could affect their divorcing clients.
This article was originally published on www.familylawyermagazine.com and is reprinted here with permission.
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