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Hi guys,
We have been banking on being able to take advantage of the nice tax credit for our adoption, but it just came to our attention that we might not be eligible since we probably won't be picking up our child until Fall of 2011 or even later which means the adoption will most likely not be finalized in the states until 2012. My question is how long after the child is home can we legalize the adoption? I'm wondering if there is a chance of us being able to finalize everything within 2011. Also, is it certain that the tax credit for adoption will be drastically reduced in 2012? This is such a shame since adoption is so expensive and the help of the thousands of dollars in tax credit could mean being able to adopt or not.
By the way, our application is sent in and we are waiting to hear back from the social worker to start our home study. Let's get this show on the road!!
Thanks!
Kelly
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kelly - my limited understanding of the adoption tax credit is that as of now, yes, the higher credit is due to expire at the end of 2011. BUT, the same thing was due to happen this year, but they passed a bill to continue the higher amount (through 2011). So while it is due to expire to the smaller amount, don't count out the fact that they will probably pass a law to continue it at the higher amount.
As for how long it takes to finalize the adoption, I don't think there is much you can do to make it go faster. I think it's a requirement that you must wait 6 months after homecoming.
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