Taxes From A To Z (2013): R Is For Recapture
R is for Recapture Rule (Alimony). The rules for regular alimony payments are pretty simple. If you receive alimony payments, you report those payments as income at line 11. If you make court-ordered alimony payments, you can deduct those on your federal income tax return. The deduction is an “above-the-line” deduction, meaning that you don’t…