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Tax Credit Info via Accountant
The tax credit guidelines from the IRS are unclear but now they have posted a table for those of us who are tax morons.
With Domestic adoptions, its true that you can claim expenses for a failed adoption but not until the year AFTER the payment (e.g. If you pay in 2004, you can't claim until you file for 2005).
If an adoption succeeds, you can claim the credit for the years taxes in which the adoption is finalized (e.g. finalized in 2004, claim on 2004 taxes). If its an International adoption, all expenses must be claimed the year the adoption becomes final.
Hope this helps!
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Fingers Crossed!
Home Study completed- 5.19.04
Home Study approved- 5.15.04
Approval/Activation- 5.26.04
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