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#1
08-14-2006, 01:16 PM
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tax question re:failed adoption and an adoption in the same year
Has anyone done a failed adoption and an adoption in the same year?
We had a failed adoption that I was going to take the tax credit for this year since we lost money. If by some miracle we do get matched and placed before the year ends can you take both the gain and loss on your tax return?? AJ
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biological daughter 13 years old  Foster parents to 9 children so far: signed w/ 1st agency 1-06 2 failed matches in July 06 and Dec 06 Signed w/ 2nd agency Jan 07 baby girl born Jan 07  at home and loving it!!!!!  Finalized 4-12-07  
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#2
08-14-2006, 02:08 PM
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I believe the second adoption will have to be finalized before claiming the credit, so it's unlikely that it would be this year now.
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Started Domestic Adoption 12/05 In the books 05/06 Got the call 02/25/08 - DS and DD born that day! Finalized 09/30/08
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#3
08-14-2006, 02:09 PM
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That is correct you can take the credit after finalization. According to my tax guy. (WHo knows all
 And I am sure would rather just be called GOD  )
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Elaine Decided to end fertility treatments 12/04 Match with bmom 3/05 Baby Girl Born 8-18-05 Finalized 12/16/05  Thou wilt keep him in perfect peace whose mind is stayed on theeIsaiah 26:3a 
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#4
08-14-2006, 03:20 PM
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yeah but i guess my question is more detailed. Since our first try we lost over $1800 can we claim that on this year's tax return. I know the question is yes.. but what happens if we do get a baby and then finalize w/in this year would we be able to take both ... the loss and the credit
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biological daughter 13 years old Foster parents to 9 children so far: signed w/ 1st agency 1-06 2 failed matches in July 06 and Dec 06 Signed w/ 2nd agency Jan 07 baby girl born Jan 07 at home and loving it!!!!! Finalized 4-12-07
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#5
08-14-2006, 03:26 PM
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That I don't know but you might be able to ask the irs on their web site. I think it is irs.gov
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Elaine Decided to end fertility treatments 12/04 Match with bmom 3/05 Baby Girl Born 8-18-05 Finalized 12/16/05 Thou wilt keep him in perfect peace whose mind is stayed on theeIsaiah 26:3a
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#6
08-16-2006, 11:40 AM
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we had a failed adoption, and an adoption where we finalized in the same year. we got the 10,000 credit plus a 1500 credit toward our taxes for the next year. if you use something like turbo-tax or h&r block, it will ask you questions about your adoption expenses , even the one that failed to finalize.
michelle
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michelle
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