Now that 2019 is officially underway, it is time for families who finalized their adoptions in 2018 to take advantage of the 2018 Federal Adoption Tax Credit. Prospective adoptive parents can find information about the Federal Adoption Tax Credit on the IRS website. Basically, this provision allows adopting parents to take a tax credit for […]
Category: Tax Implications
Discover how adoption and surrogacy can impact your taxes and what to expect.
The IRS announced the maximum tax credit for 2017. Prospective adoptive parents can find information about the Federal Adoption Tax Credit on the IRS website. Basically, this provision allows adopting parents to take a tax credit for “qualified expenses” to adopt a child. “Qualified adoption expenses” are reasonable and necessary adoption fees, court costs […]