Uncle Sam can be generous when it comes to adopting children. Here are the details of the tax breaks that are currently available to adoptive parents, as well as income limits and documentation requirements imposed.
When you adopt a child, you could bring home more than a bundle of joy. You may also be in line for a valuable tax credit.
For 2019, a tax credit of up to $14,080 for adoption of a special needs child can come in handy for qualified parents facing the daunting costs of adoption (up from $13,810 for 2018). For other adoptions the credit is equal to qualified adoption expenses, up to a maximum of $14,080. Read more