Jerry and Sally were divorced under an agreement executed July 1, 2010. The terms of the agreement provide that Jerry pay Sally $1200 a month until their youngest child reaches age 18. Then Jerry will pay Sally $500 a month. How much is deductible as alimony to Jerry and how much must Sally include in income, respectively?

Answer rating: 100% (QA)

As of January 1 2019 the Tax Cuts and Jobs Act TCJA eliminated the deduct... View the full answer