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Stu and Harriett divorce after eight years of marriage. Under the divorce decree, Harriett receives a vacation home that had been held jointly with Stu while they were married. The vacation home was acquired seven years ago for $90,000 but is worth $170,000 today. Additionally, Stu is required to pay Harriett $2,000 per month; $1,300 is for alimony and $700 is for child support for their 6-year-old son who lives with Harriett.

a. How much gross income does Harriett recognize?

b. Will Stu get a tax deduction for any of these payments?

Macroeconomics, Economics

  • Category:- Macroeconomics
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