Special Circumstances Flashcards
1
Q
Alimony Deductibility
A
• Before 1/1/2019
• Deductible: Cash payments from payor spouse to spouse (rent, mortgage, tax) and premium payments for life insurance owned by payee spouse where payor is insured
• Not Deductible: payment to maintain property owned by payor spouse or transfer of non-cash items (services)
• After 12/31/2018, alimony not deductible
2
Q
Child Support
A
• Non taxable and non deductible
3
Q
COBRA
A
• consolidated omnibus budget reconciliation act
• employers required to offer terminated employees right to buy health coverage
• Small companies w/ fewer than 20 employees are excluded
