Alimony payments are usually tax deductible for the person making the payments and are considered taxable income for the person receiving it, so it is extremely important to keep close, detailed records whether you are paying or receiving it. It is common for spouses to dispute the amounts of alimony that were paid, or for the Internal Revenue Service to challenge those payments.
If you do not have records of these payments, you could lose your deduction or forfeit some of the money you were paid.
The alimony payer
If you are paying alimony, you should have the following records in your files:
In general, you should keep all this information for at least three years after you file your tax return on which you’ve deducted those payments.
The alimony recipient
If you are receiving alimony, you should have the following records in your files:
For more information and guidance on this and other issues related to alimony, speak with an experienced Minnesota divorce lawyer at Appelhof, Pfeifer & Hart, P.A.
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