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Some commonly asked questions What is a home study? Disclaimer: The information provided above is an overview of Florida's adoption law effective June 2, 2003. It is a brief introduction to a complex topic. This is not a complete dissertation of the law, is not tailored to a specific case, and you should not rely on this document. Moreover, the adoption law is new and untested; therefore, this information may change as the courts interpret the law. When you have specific questions regarding your particular adoptive placement, please address them with your adoption professional. |
Yes, beginning in 2002 the tax credit is $10,000, and it is adjusted annually for inflation cots. In 2004, it is $10,360. The tax credit is gradually phased out for higher income levels. Consult with your tax advisor or the IRS to determine your eligibility, as well as the many other tax related benefits. Families adopting a child domestically can claim the tax credit whether or not the adoption goes through. This helps families that cover the expenses of a birthmother who later decides not to release the baby for adoption. IRS Publication 968 provides an alternate method to obtain proof of the child's identity when you can't get an adoption tax number due to a disrupted adoption. Families adopting a child from overseas can take the tax credit only if the adoption becomes final. Adoptive parents must keep records of their expenses, but the IRS defines the allowable expenses broadly as "reasonable and necessary" fees including adoption, attorney fees, travel costs and other expenses related to a legal adoption. Starting in 2003, families that adopt a special needs child can claim the adoption tax credit, once the adoption is final, whether or not the family incurred any costs. Special needs is broadly defined and includes African American and racially mixed children. The child must be a citizen or resident of the U. S. Consult with your tax advisor regarding whether your adoption falls within the special needs category. You should also visit www.casey.org for detailed information on this topic. |
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State Capitol Office • P.O. Box 10728, Tallahassee, FL 32312 • Ph. (850) 577-3077 |
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