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How does adopting a child affect the adoptive parents’ taxes?

April 26, 2017adopting Adoptive affect child taxes

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How does adopting a child affect the adoptive parents’ taxes?

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Parents who adopted a child, domestically or internationally, and who paid out-of-pocket expenses to do so are entitled to claim an adoption tax credit ($11,650 in 2008). Once a child has been formally adopted, they may be claimed as dependents on income tax returns just like biological children.