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Adoption Tax Credit


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  #1  
December 18th, 2009, 03:10 PM
Platinum Supermommy
Join Date: Oct 2008
Location: Minnesota
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Anyone use it? How does it all work??
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  #2  
December 18th, 2009, 05:08 PM
Just_Marie's Avatar Platinum Supermommy
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Location: Canada
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I know up here we can deduct up to $10k per kid in adoption expenses from guadianship date to adoption order date.
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  #3  
December 19th, 2009, 09:29 PM
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So that just means you probably won't pay in to taxes for one year? Or is it until the whole $10 is used up per child?
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  #4  
December 20th, 2009, 10:07 AM
Just_Marie's Avatar Platinum Supermommy
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We've kept all of our adoption expenses for this year, and can deduct up to $10K per child and get back what we've already paid in taxes.
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  #5  
December 21st, 2009, 06:20 AM
*CAMM*'s Avatar Platinum Supermommy
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Location: somewhere over the rainbow
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right now its a little over 11k. and yep it basically wipes your tax obligation away until that 11k is used up and it will carry over each year if its not used up. you can use it for any type of adoption, international, foster, or domestic and its good for each and every kiddo. PLUS you get the normal child tax credit =)
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  #6  
December 22nd, 2009, 03:51 PM
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Thanks for the info!!!
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  #7  
December 23rd, 2009, 07:08 AM
eash's Avatar Mega Super Mommy
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Posts: 1,969
In the case of the tax credit, it is a bit more complicated than that. If you are adopting internationally, you have to wait until you are finalized before you can apply, that may be a year past when you bring your child home. Also, there is rumor that the tax credit will expire in 2011. Also, it does decrease as your income increases.
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  #8  
December 26th, 2009, 06:11 PM
*CAMM*'s Avatar Platinum Supermommy
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Location: somewhere over the rainbow
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Thats true, you cant claim the tax credit until you have finalized. i had heard the tax credit might not be renewed but fingers crossed that it will be. I dont think the adoption credit decreases until your income is over 100k but i could be wrong.
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