If you have adopted or are thinking about adoption, here is tax information you need to know before April 15th.
It’s tax season again so I thought I would share some adoption tax information and links with you today.
I have exciting news! You may be able to claim up to $11,390 for eligible adoption expenses or for adopting a child with special needs. The adoption tax credit is the amount that is subtracted from your tax liability. Eligible expenses include: adoption fees, attorney fees and court costs, travel expenses (gas, hotel/ motel, food). Obviously, all claimed expenses should be within reason and documented by receipts.
IRS Adoption Credit Information
IRS information about the 2007 Adoption Tax Credit
8839 Qualified Adoption Expense Form (PDF)
If you are looking into adoption, The Financial Aspect of Adopting will help you with fund raising ideas and tips. Unfortunately, the adoption tax credit can not be claimed prior to finalization.
