Jake pays the following amounts to his former spouse during the current year: Regular alimony payments $12,000 Child support 10,000 Residence as part of a property settlement 115,000 What amount can Jake deduct as alimony for the current year

Explanation:

If the divorce occurred before 2020 then the spouse paying the alimony can deduct it from their taxes and the person receiving it has to include it in their income. If the divorce of Jake and his spouse was before 2020, he will be able to include the full $12,000 as a deduction.

In 2020, new regulation came into effect that meant that couples divorcing from thence will not be able to deduct alimony so Jake's deduction would be $0 if they divorced in 2020 and onwards.

christopher columbus sail the ocean blue 1492

answerorganizational language;