Why 2018 Is the ‘year to Get Divorced' and Four Other Lesser-known Effects of the GOP's Tax Overhaul

WASHINGTON — For many Texans seeking a split from their spouse, “2018 is the calendar year to get divorced,” says Dallas attorney Robert Epstein.One thing and one thing only is responsible for that dubious distinction: the $1.5 trillion tax overhaul that Republicans passed through Congress last year. Tucked into the sweeping legislation was a fundamental change in the tax treatment of alimony payments.Under the new rules, the ex-spouse paying the alimony will no longer be able to deduct that amount from his or her federal returns, while the ex-spouse receiving the income will no longer have to pay taxes on it. But if the divorce is done before the end of the year, the old tax rules will be locked in. For those anticipating paying alimony as part of a break-up, the clock is ticking.“What we’ll likely see is a mad dash to finalize divorces in the fourth quarter of this year,” said Epstein, a partner at the McClure Law Group, which specializes in family law.  Continue reading...

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