What was your beginning cost of adoption?

Question

I live in Indiana and my dh and I are looking into adoption. What did you end up paying out of pocket for your adoption before the tax credit. We are trying to figure out how much money we will need. Thanks!

Answer 1

My parents paid £105 for me - bargain basement commodity; that's me!

It shouldn't cost money to adopt a child who needs a home.  The only people making money off the backs of kids are those who facilitate the procuring of babies from vulnerable underpriviledged mothers.   At least if you go through social services you know that it really is a social service and not a business transaction wheeling and dealing in babies.

Take care

Answer 2

I think you need to pay the full cost of the adoption, then hope later you'll get some $ back with the tax credit. We paid about $15000 for my daughter's adoption, although not all at once. Our agency was "fee for service" so we just paid as we used each service. We were in the san francisco area where costs tend to be higher. Here is a breakdown of some expenses. $2500 homestudy, $2500 adoption search fee (payment to be on their website as well other outreach they did), $500? adoption classes (newborn care and general adoption education). These were all paid early on before we found a match.

Once we matched with our daughter's mother...  $750 birthfather termination (this was to a separate lawyer, not our agency), $6000 to a georgia agency (they had a flat fee, and needed to do part of our adoption since our child was born outside california), $1500 birth mother expenses (this can vary widely depending on your situation), $1000 interstate compact agreement and adoption paper work processing from our agency, $1200 post placement visits and court reports, $1000 travel to georgia (we stayed with friends).  

You're fees obviously won't be the same as this, but I listed them to give you an idea of what kinds of things to expect. Plus now that I add them up it is more like $17000. :-)

I think you can claim the tax credit in the year the adoption is finalized. Good luck with your adoption.

Answer 3

Hi, feel free to Email me privately about this. I can show you to a lot of groups and resources that are a MUST for adopting families.

  Our budget was $14,000. Homestudy was $1650 (MI). Our first adoption that fell through after the birth was $2500 to our attorney and probably $500 more later. Than $1500 for her attorney complete. 2 post placement visits at $250 each. This one was where we met the (caucasion but it doesn't matter for private) mother ourselves. When a private adoption fails, you are out this money and anything you have paid for medical or living expenses.

Most situations we came across (for AA and bi-racial situations) were $9500 (morningstar MI.) to $17,000. Caucasion and any other race is more $16,000-$30,000. These prices do not include the homestudy and post visits.

The adoption tax credit will pay for our failed adoption money but not until next year even though it failed last July. You have to wait an extra year to claim  adoption expences if you have not completed an adoption in that year.

Answer 4

It all depends on if your adoption is completed in one year or more. Our adoption tax credit was spread out over a three year period.  Do not rely on the tax credit to fund the adoption.

This just allows you to deduct the cost.....the government does not hand out $11,000 cheeks after the fact. You most likely need a loan prior then after you get your tax credit you can apply to the principle.

Answer 5

The whole sh-bang? (Home study, legal fees, adoption agency, medical costs, travel costs, in home visits, more legal fees)

For a non-State, non-Foster care adoption? $15k, easy total

It doesn't come all at once, either.  The costs are spread out over at least a couple years.

PS - its worth it