What are the tax credits available for adoption expenses?

What are the tax credits available for adoption expenses?

In the U.S., you can claim a tax credit for qualified adoption expenses, which can help offset the costs of adopting a child.

What qualifies as a qualified adoption expense?

Qualified adoption expenses include adoption fees, court costs, attorney fees, and other expenses directly related to the adoption process.

Is there a limit to how much I can claim for these expenses?

Yes, there is a maximum limit for the adoption tax credit, which is adjusted annually. For 2023, it's $15,950 per child.

Can I claim this credit if I adopt a child from another country?

Yes, you can claim the adoption tax credit for international adoptions as long as the expenses are qualified.

How do I apply for the adoption tax credit?

To apply, you need to fill out IRS Form 8839 and include it with your tax return.