No.
No Child support payments are neither deductible by the payer nor taxable to the payee. When you calculate your gross income to see if you are required to file a tax return, do not include child support payments received. However, alimony, separate maintenance, and similar payments from your spouse or former spouse are taxable to you in the year received:
only child support. Spousal support is taxable income.
Presuming you mean for taxes...as for lenders and such the answer may be different. No. Child support payments are neither deductible by the payor nor taxable to the payee. When you total your gross income to see if you are required to file a tax return, do not include child support payments received.
Unless you are producing children as a side business to being a prostitute, the money received is not income to show a loss on.
if you are paying child support and have a new spouse, their income will not count toward child support unless the two of you have your own children together.
Generally, child support payments coincide with the frequency that the obligor receives income. How quickly the obligee receives those payments is a function of how efficient the payor of income is in forwarding them to the State and how efficient the State is in distributing them.
No tax credit and no tax deduction on your income tax return for child support payments.
If you were a resident of Michigan or had taxable income from sources in Michigan, then yes.
No. The roommate is not related to you in any legal sense, therefore their income does not come into the picture when figuring your means of child support payments or the receiving of such payments thereof.
Child support is based on all income received, including unearned income (but not public assistance/SSI).
No as it is not permanentI just had two mortgage brokers tell me that if you received it for the last three months and there are several more years left before the child is 18, it IS income. creditinfocenter.com says, "Alimony and Child Support Income - Must be received for the 12 previous months and continue for the next 36 months. Lenders will require a divorce decree and a court printout to verify on-time payments.
Child support is based on net income. The courts can require the obligor to look for work if they decide that his non-work income is not sufficient to support the child.