Adoption is a wonderful way to bring a new child into your family that benefits everyone. The child gets a loving, supportive home, and the new parents can share their love and begin to make new memories and traditions.
The adoption process can cost thousands of dollars, but you can do things that will reduce the cost.
Start a GoFundMe
Crowdfunding, such as with GoFundMe, is a way your friends and extended family can help you achieve your dream of becoming parents. Setting up a funding page or asking a family member to host it for you allows others who love you to support you in your quest.
Set up your funding page, be creative and tell your story (but keep personal details private). Keep your goal reasonable and achievable. Share your link with everyone you know and through social media. Done well; you may even get donations from people you don’t know.
Use Tax Breaks
Many taxpayers may be able to defray the costs of adoption with tax breaks. Families that adopt children may be eligible for a tax credit worth $14,000 or more. All types of adoptions qualify except for adopting a spouse’s child. The child must be under the age of 18.
You can deduct a number of expenses, including the cost of adoption fees and the fees you pay to your lawyer. If you have to travel to adopt, you can deduct travel costs as well as food and hotels. Other expenses related to the adoption process may also be eligible.
Adopt a Foster Child
While the number of infants available for adoption may be limited, there are countless older children yearning for a loving home. Adoptable children living in foster care are usually between 8 and 18 years old. Adopting from foster care can be much less expensive than private adoption. You will foster the child for a period of time first and then begin the adoption process. There are assistance programs on the federal level and in most states that can assist you with costs.
When you’re ready to adopt, you can choose from many paths, but they all lead to the same result: a loving family ready to share their lives together. You’ll also find many paths for financing and reducing the costs.
The cost of adoption shouldn’t hold you back from realizing your dream.
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