International Adoption tax question.?
We adopted our daughter from China. We started the process in 2005, our home study Anniversary date was 12/05/2005 Because of the very long match waits we did not travel till Feb of this year, 2008. The adoption as far as China is concerned was finalized in China, Our Daughter became a US citizen when we touched down back in the states. Both my husband and I traveled to China so the adoption would be complete there. Our State, VA requires a 1 year followup for the ‘re-adoption’ to receive a VA Birth Certificate. Our Agency as well requires a 1 year update this will be at the end of Feb. 2009.
Does anyone know about the Federal Government Tax credit for adoption? It is my understanding that it is around $10500 or so. Can we claim this credit this year on our 2008 taxes or will we be forced to wait one more year to claim this on our 2009.
In Va you have to have a readoption complete first. (For Va, a readoption is what “finalizes” the adoption.) So, the soonest you can complete the readoption, is the soonest year in which you can file and get the tax credit.
Email me privately if you want to know how I did mine.
PS: My son’s new birth certificate does not change his place of birth.
Tax credits for “energy efficient” houses
Under the Emergency Economic Stabilization Act, Congress has included some important tax items that could be put into use by owners and developers of investment real estate. The bailout law has come up with generous tax credits for properties that qualify under the federal government’s definitions of “energy efficient” houses.
For the next eight years, the bill has extended a 30 percent federal tax credit for anyone who builds or renovates properties using “alternative energy” features like solar panel applications. The bill has also removed the previous $2,000 tax credit cap for residential solar electric installations.
Apart from solar installations, investors can also consider what the Congress calls “small wind power” instillations” into existing or new commercial constructions and residential properties. They qualify for a 30% tax credit, up to $4000, for wind turbines with capacities of 100 kilowatts or less.
The bill has also included federal tax credit for fuel cells and micro turbines. The fuel tax credit limit is tripled, to $1000 for each half kilowatt of capacity. The law also allows a 10% tax credit for certain combined heat and power systems.
The law has extended the energy efficient tax credit to both commercial and residential real estate through 2013. The government’s definition of “energy efficient” houses takes into consideration everything from green building materials, lighting, heating, air conditioning and household appliances.
In addition to all that, you also get up to$7,500 tax credit when you drive around in hybrid vehicles! With the introduction of such beneficial tax credits, the law has made a move in motivating public to shit to a more eco-friendly and fuel-efficient lifestyle. This measure is sure to interest investors, who, by adopting energy efficient techniques will not only receive tax benefits but contribute in improving the condition of the environment for good.
About the Author
Ron Knight is an expert on mortgage planning and homeownership who works as a freelance writer for Illinois Home Builder, Remington Homes. He writes interesting and informative articles that help home buyers make smart financial decisions while making a very important decision in their life – investing in a new home.
ABBA Fund Introduction
