Alimony presumption -- does it include court-ordered life span insurance?
If there is a court order that a human being pay for a life insurance policy near the ex-spouse as beneficiary, do the payments for the life insurance count as alimony for deduction purposes?
Answers:
No.. I don't think any authority would order a person to money life insurance and make him the beneficary. In some states you must fetch insurance of this type for children, which can be court ordered, to continue paying and not drop the insurance.
I dont know about the deduction constituent but it is very common for a conciliator to require that the ex-spouse have life insurance payable to the other spouse within event of death.
Yes it is alimony and you can take off this.
"Life insurance premiums. Alimony includes premiums you must pay under your divorce or separation instrument for insurance on your energy to the extent your spouse owns the policy."
Source: IRS publication 17: Your Individual Income Tax.
l think so Source(s): check on divorce network on the web
Related Questions:
Answers:
No.. I don't think any authority would order a person to money life insurance and make him the beneficary. In some states you must fetch insurance of this type for children, which can be court ordered, to continue paying and not drop the insurance.
I dont know about the deduction constituent but it is very common for a conciliator to require that the ex-spouse have life insurance payable to the other spouse within event of death.
Yes it is alimony and you can take off this.
"Life insurance premiums. Alimony includes premiums you must pay under your divorce or separation instrument for insurance on your energy to the extent your spouse owns the policy."
Source: IRS publication 17: Your Individual Income Tax.
l think so Source(s): check on divorce network on the web
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