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Business, 17.04.2020 03:31 cavapoo

Ed and Ann Ross were divorced in January 2018. In accordance with the divorce decree, Ed transferred the title in their home to Ann in 2019. The home, which had a fair market value of $150,000, was subject to a $50,000 mortgage that had 20 more years to run. Monthly mortgage payments amount to $1,000. Under the terms of settlement, Ed is obligated to make the mortgage payments on the home for the full remaining 20-year term of the indebtedness, regardless of how long Ann lives. Ed made 12 mortgage payments in 2019. What amount is taxable as alimony in Ann’s 2019 return?

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Ed and Ann Ross were divorced in January 2018. In accordance with the divorce decree, Ed transferred...
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