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https://www.irs.gov/taxtopics/tc452
Jan 03, 2020 · Payments Not Alimony or Separate Maintenance. Not all payments under a divorce or separation instrument are alimony or separate maintenance. Alimony or separate maintenance doesn’t include: Child support, Noncash property settlements, whether in a lump-sum or installments, Payments that are your spouse's part of community property income,
https://www.equitablemediation.com/blog/lump-sum-alimony
A concept known as a lump sum alimony buyout. What is Lump Sum Alimony or an Alimony Buyout? Simply put, a buyout (sometimes called lump sum alimony or spousal support buyout or spousal maintenance buyout) is the payment of alimony or its equivalent in one lump sum payment, rather than through periodic payments made over the course of a ...
https://dadsdivorce.com/articles/ask-a-divorce-lawyer-is-my-lump-sum-alimony-payment-tax-deductible/
Question: I paid $100,000 of alimony in a lump sum in 2006. The IRS is now claiming that it is not deductible. Can you provide direction? Answer: You need to refer to your original divorce decree. The divorce decree or marital settlement agreement should detail how the lump say payment was to be paid and the tax implications of the payment on both parties.
https://stepstojustice.ca/questions/family-law/how-spousal-support-taxed
Nov 30, 2017 · The tax rules are different for spousal support and child support. You receive spousal support If you receive monthly spousal support, you must pay income tax on the total support you receive each year. And, you can claim a tax deduction on legal fees spent to get monthly spousal support. But, if you receive all of your spousal support at once in a lump-sum payment, you do not pay income tax ...
https://www.thetaxadviser.com/issues/2017/dec/alimony-no-guaranteed-tax-deductions.html
Lump-sum or alimony buyout payments. Another key alimony question that can pop up during the divorce proceedings or years later is whether a lump-sum or alimony buyout payment is deductible. Once again, it depends on the facts and circumstances.
http://www.jml.ca/wp-content/uploads/Marzban-and-Wood-Lump-Sum-Spoual-Support-Refining-A-Blunt-Instrument.pdf
Lump Sum Spousal Support: Refining A Blunt Instrument Dinyar Marzban QC and Jamie R. Wood Jenkins Marzban Logan LLP I. Introduction A decade ago, commentators characterized lump sum spousal support awards as “an uncertain
http://www.cornerstoneplanning.com/newsletter/item/alimony-vs-a-lump-sum-payment
Apr 01, 2017 · Alimony vs A Lump Sum Payment. April 1, 2017. Alimony is often a necessary component of a divorce settlement but there are always cases in which the payor spouse doesn’t want to face years of monthly payments. In a sense these payments still tie the two parties together, and this is a situation the payor doesn’t want to be in.
https://njfamilylaw.foxrothschild.com/2012/02/articles/alimony/beware-the-lump-sum-alimony-payment/
There are times, however, when alimony is paid in a lump sum. Sometimes an alimony obligation is bought out – prepaid if you will (though for the payor, one wonders whether this is a good deal because the recipient can go out and get married the very next day whereas alimony terminates upon remarriage typically (as well as death).
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/support-payments.html
Find out the rules for support payments you received from or paid to a resident of another country; Lines 12799 and 12800 – Support payments received Find out how to report, on your tax return, the support payments that you received, including retroactive lump-sum …
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