On the 22nd of October 2024, the IRS issued Rev Proc 2024-40 wherein it announced the Adoption Tax Credit for adoptions finalized in 2025. The maximum credit will be $17,280, an increase from the 2024 limit of $16,810. The maximum credit will begin to be phased out when the adoptive parents’…
When Bridgette’s mother revealed she had a sister that was placed for adoption, she knew she had to find her sister for her mom’s sake. Through a series of DNA tests and a lot of perseverance, Bridgette connected with her sister, Cynthia.Meeting each other as adults came with many sweet…
Hospital Packing List for Adoptive Parents So, you are adopting an infant, and you get that much-awaited call telling you that your baby is on the way! Whether you have expected the call for months because of a lengthy match period or whether the call was completely unexpected and out…
Federal Adoption Tax Credit Increases To $15,950 The IRS issued Rev. Proc. 2022-38 on October 18, 2022, and the details of the Federal Adoption Tax Credit for adoptions finalized in 2023 are as follows: For adoptions finalized in 2023 the maximum credit will be $15,950 and the maximum credit will…
IS IT TOO LATE TO ADOPT? THE ADOPTEE IS AN ADULT. Often times, we are contacted by individuals who are concerned their ability to adopt has expired by virtue of the proposed adoptee having reached the age of majority. We love to bring joy and hope when we explain that…
Rachel and her husband were just like many other couples looking to adopt. After spending thousands of dollars on fertility treatments, their entire savings account was nearly dried up. The couple decided to fund their first adoption through loans, but Rachel knew there had to be a better way. So…
Are you pregnant and considering adoption? Are you an adoptive parent looking to start an adoption journey? If the answer to either of those questions is yes, you will need an adoption lawyer. Why Do I Need to Consult an Adoption Attorney? Although many adoptions go through seamlessly, others hit a…
Navigating the Cost of Adoption Adoption costs in the U.S. vary widely and can cost anywhere from $0 to $50,000 or more, depending on the type of adoption. Money to help defray the cost of adoption is available from both governmental and private-sector sources. These are the major ones: Federal…
APPLYING FOR A PASSPORT FOR A CHILD TO BE ADOPTED Sometimes the adoptive family may need to travel internationally before the adoption is finalized and before an amended birth certificate is issued after the finalization of the adoption. In Florida, to obtain a passport before finalization, you will need: A…
IRS AUDITS OF ADOPTION TAX CREDIT The Adoption Tax Credit was created by Congress in 1996 to encourage adoption by helping offset the costs. This laudable objective is being destabilized according to a report released by Fox News that 70% of taxpayers claiming the adoption tax credit were audited by…