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A federal adoption tax credit is available for up to $10, 000 per child. This credit is available for domestic or international adoptions. Parents who adopt domestically may be able to claim credit for qualifying expenses even if an adoption is unsuccessful. Parents who adopt a child from the U.S. with special needs can claim full credit without qualifying expenses. Some states offer tax credits as well, in varying amounts. Check with your tax preparer to find out what you qualify for, and for the most up-to-date tax law information.
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Lynda Moultry |