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Tuesday, August 19, 2008

Adopting domestically can lower hurdles to claiming tax credit

Adopting domestically can lower hurdles to claiming tax credit

Years ago, Congress sought to ease this financial burden by enacting a generous tax credit for parents who adopt. This year, eligible parents can claim a tax credit of up to $11,650, per child, to cover adoption expenses. A credit is more valuable than a deduction because it comes off the top of your tax bill.

But tougher restrictions on international adoptions could force prospective parents to wait longer to claim the adoption tax credit — and some might not be able to claim it at all.

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