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#16
08-19-2008, 02:38 PM
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In order to take the tax credit, the placement needs to be in 2008. But if the adoption is not finalized at the end of 2008, you can only claim the expenses you incurred in 2007 or prior.
Here is an example assuming you have not finalized at the end of 2008: In 2007 you paid: Homestudy - $3000, application fee - $200, agency fee - $5000 for a total of $8200. On your 2008 return, you could claim the $8200 of expenses. Don't forget to file for an ATIN (Adoption Tax Identification Number) for your child. 
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