[callie8799]

Hello everyone! Before I begin, may I insert a small "disclosure" of sorts? I want to apologize if this is a repeat thread... it's 5 min to midnite here in the East Coast and too sleepy to scroll thru all the threads.
done.

We finally chose an agency, but now I am researching ways to come up the money to adopt. My friend mentioned that some banks have adoption loans that are 100% tax deductible. Has anyone heard of this? I have a feeling she may be mixing this up with the Child Tax Credit. From reading posts here, I know I will be able to write off the adoption costs incurred, but I am looking ways to have $ at the time of placement w/o hitting our savings. I am trying to keep that for emergencies and if we can get a bigger house.

Sometimes I wish life could be simplier, oh well, off to lala land!

Peace,
Debbie

[Lissa]

My hubby and I did an adoption budget after a lot of research for and came up with a figure of $23,000 in costs for adopting from China. I was crestfallen. Kentucky has no state finances to help. Our jobs had no adoption programs. There is the $10,000 federal tax credit, but that is after the fact. We own our own home but have very little equity built up. I was morose. We called about adoption loans, but most of the information I got was that we could actually get a better rate if we put the baby on our visa, because our home was new and unpaid for and our cars paid for, but old. When I went to places to research how to finance your adoption and talked to agencies they kept talking to me about letter writing campaigns, garage sales and bake sales. I thought they were CRAZY. How on earth could those kind of activities fund an adoption? However, wanting a baby can do strange things to a cynic and turn her into a hopeful optimistic type...so my hubby and I started a letter writing campaign to our relatives. Though we see them occasionally, we aren't overly close to our extended families, but we gave it a try. Within 2 months we had raised $20,000 which we now have stashed away in a special adoption account at the bank. Moral of the story...don't poopoo the bake sale, the garage sale, the letter writing campaign or any other suggestions. They can and do work. I wish you the best.

[callie8799]

Lissa,
I had a garage sale, but the funds we raised weren't that significant- and actually an unexpected bill came up so there went those funds.

Letter writing campaign? Is there any sites/books that give suggestions? If people give you a gift of money, can they write that off on their taxes? I am not comfortable with asking for money- not even my mom. But that may be the best route to go. I was planning on writing a letter to family asking for prayers as we go thru with this, perhaps I can mention that as one of our "challenges".

I always knew money has a strong hold over people, but the adoption really makes me realize how much "money talks". Just sad.

I drove thru the SE part of Kentucky a few years back- pretty and the people were nice. I plan to go back and explore it more. Especially want to see the horse farms - probably due the media attention given to Smarty Jones ( he is from my immediate county).

Thanks for sharing and wish you peace as you come closer to holding Lydia in your arms forever!
Debbie

[spaypets]

I don't know about loans, though you could look into refinancing your house or getting a home equity loan.

But another way is to take a long hard look at what you spend your money on--most of us have places we can trim.

Do you have cable, internet, cell phones? Those are monthly bills that you can cancel (use the library for internet, read more books, don't use the cell phone). Check our your insurance deductibles -- raising them can save you money every month. Stop buying coffee, eating out for lunch. Eliminate junk food, cook more from scratch (w/o cable or the internet, you'll have more time). Sell old clothes at consignment shops. Pick up a paper route, get a second p-t job.

Remember, these austerity measures are temporary, but if you save $100 a month, that's $1,200 after a year. If you earn an extra $100 a week (remember, there are two of you), that's $5,200. Now you have $6,400 -- much closer to where you want to be. It will take time, but all good things do.

[Lissa]

Honestly I wasn't comfortable with the letter writing campaign either, but just about everyone suggested I do it. It was a real pride swallower as I put myself through college and grad school without ever having to ask for a dime. But I decided it was worth a little pride walloping to have my child. Our families are being incredibly supportive. Heck my hubby's uncle is so into it he wants to pay for us all to go a week early so we can see China and then he wants to be a part of the whole adoption process. (We probably aren't going to go early as I was uncomfortable imposing on him so much, but he is going to go with us to greet Lydia.) I have no idea if they can claim that on their income taxes. I have a friend who I'll ask as she is putting up a tax deductable paypal internet site to try to finance her adoption.
I don't remember if I told you this, but as for garage sales many of my friends are donating items towards that as well. I have a couple of friends who are making things (they scrapbook and do crafts) for us to sell at the garage sale, and I have one friend who is donating his carpentry services to the garage sale. I know of people who are doing spagetti dinners at their churches, having car washes, and selling cooking supplies, tupperware etc. It's doable.

[spaypets]

Lissa, I LOVE the name Lydia and always wanted to name my daughter that (unfortunately DH didn't like it...sigh).

[callie8799]

Hi!
I found a website, The National Endowment for Financial Education-www.nefe.org/com/net/gov (I can't remember the correct ending) and it did state that there are adoption loans that are 100% tax deductible. Unfortunately, it did not elaborate on it. I found this website in the 2003-2004 Adoption Guide put out by Adoptive Families (only can order it online). It also mentioned that we can deduct any cost of adoption even prior to placement!

From what I gather, we can take a loan out , deduct it -100%- in the following year and if we are blessed w/ a placement this year, then we can use the child credit also?

When I find out more, I wil post- if I can find this thread again.

Debbie

[wannabemama]

I'm VERY interested in your post. I would love to find out about your friend who is setting up the website as I was thinking about doing that, too!!

Also, check out this website for info on the GARAGE SALE. I remember seeing something from a company that could accept donations from people for an individual and the donations would be tax deductible, but I don't remember where that was...

I'm a little leery about sending out a letter to friends and family begging for money, too, but I'll probably do it! I just worry they'll think that if I can't have a baby on my own and can't afford to buy a baby on my own that I don't deserve a baby...

[ArmyWife55]

and dont forget, theres always possibility of going the state adoption route!

good luck in whatever you decide! if youre meant to adopt through an agency, the money will be provided. don't let it stress you out! (easier said than done, right?)

God bless!

[dogncatkids]

I have been working on this for a few months now and this is what I have done:

1. Sent letters to family and friends - not a single response - some people who I sent it to wont even talk or look at me anymore - someone advised me they are embarrassed - I am not sure.

2. Started my own foundation and am doing fundraising a few ways:
a. Letters to businesses asking for sponsorship of foundation
b. Letters asking for dontations for an upcoming raffle
c. Info on foundation website where anyone could make a donation.
(PM me for my website it lists some links to do this on your own)

3. Selling things on eBay. When it comes right down to it, somethings arent as important as they once were.

4. I have applied for Grants but have either been turned down or havent heard yet. I do advise being warry of any entitiy who wants a large some of money or information as part of your grant application.

5. Am cutting back on spending.

Hope this helps.

[hooszoo]

[color=blue][size=3][font=century gothic]
I am SO encouraged by the banter with regards to financing adoption costs. My family just purchased a larger home to provide more bedrooms for more children and then were slammed with unplanned additional costs. I lost my part time job in the move, but my husband is a teacher/coach so thank GOD for tenure. Then our original property sold for under value and we are only walking away with enough to pay next year's taxes and our attorney fee. Deeply committed to adoption, we are looking for EVERY way to support our adoption. The church members offered to host a fundraiser and have a hand me down party of baby items for our new blessing. My garage looks like a store with all the things prepped for garage sales. But I can't wait to check out some o your other ways! THANK YOU!