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What if you adopt a US citizen baby in 2010 but dont finalize until 2011 do you still qualify for the tax credit since you can take it in the year it happened? And would you still be able to take it over the 5 years?
Also if they don't renew the tax credit will it become $5000 for any adoption or is it just special needs and there won't be any credit for regular adoptions. And can you take that $5000 over 5 years too.
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When the adoption tax credit expires, it means it expires. No more tax credit, no matter what. No new claims, no carryover claims. It won't matter what you did the year before, or expected for the year after. It's simply no longer available.
I have not seen the answer to your second question about the $5,000. I know what you're referring to, but I haven't seen an answer in black and white. My assumption, since it hasn't been talked about as an option, is that the $5,000 doesn't exist any more either. If it did exist, it would be only for special needs kids adopted from foster care in the USA, because that's what it originally was. But my belief is that it's gone, too.
You can write to your congresspeople and tell them you want them to support extending the adoption tax credit.
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