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Originally Posted By Veronica

We are in the process of finalizing our adoption in early 2002. Our son was born in May 2001 and most of the expenses were paid then. I realize from reading what has been published about the new credit that our 2001 expenses will have a $5000 cap.

What AGI limits will we be subject to for our credit? Is this part of the transition faze that the IRS is working on?

Can anyone help?

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Originally Posted By tax

veronica

Since the credit is only available in the year of finalization. I would say you qualify under the new rules for $10,000 credit with AGI limits of $150,000. I would have your tax preparer read the new regulations and instructions to form 8839.

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Originally Posted By Veronica

Thanks for your help. Does it change if my son was born in US. Holt Agencies website says that the expenses paid in 2001 will be limited to $5000. I called the IRS hotline and they seem to think that the new credit applies. I am very confused.

Thanks again.

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Originally Posted By joe

doesnt matter where he was born, its not going to change