Alimony deduction — does it include court-ordered life insurance?
Alimony deduction — does it include court-ordered life insurance?
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4 Responses
2.1.2010
Yes it is alimony and you can deduct this."Life insurance premiums. Alimony includes premiums you must pay under your divorce or separation instrument for insurance on your life to the extent your spouse owns the policy." Source: IRS publication 17: Your Individual Income Tax.
2.1.2010
I dont know about the deduction part but it is very common for a judge to require that the ex-spouse have life insurance payable to the other spouse in event of death.
2.1.2010
No.. I don't think any judge would order a person to pay life insurance and make him the beneficary. In some states you must carry insurance of this type for children, which can be court ordered, to continue paying and not drop the insurance.
2.1.2010
l think so Source(s): check on divorce net on the web