Tax tips for the newly divorced - KWWL - Eastern Iowa Breaking News, Weather, Closings

Tax tips for the newly divorced

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(NBC) -

If you're newly divorced, most of those legal fees you racked up are considered nondeductible personal expenses, but there are some exceptions.

If your attorney had to focus on alimony or other tax issues like who gets the dependency exemptions, that portion of your bill is actually deductible as a miscellaneous expense if you itemize.

Be sure to have your attorney clearly break out the tax-related portion of your bill.

Also, the recipient of any alimony has to pay taxes on it, while the payer gets to deduct it.

For tax tips for the newly divorced, click herehttp://kiplinger.com

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