How to Finance an Adoption A Guide for Adoptive Parents

Adoption can fulfill a long awaited dream, but it can also be expensive. If you are considering adoption, it is important to learn about methods that can help with financing. 

Many people are not aware that when financing an adoption, many of their costs can be returned through federal tax credits. Adoptive parents can receive several thousand dollars in credits to help offset adoption expenses. In addition, many states also provide extensive tax credits. Your state tax office can provide more information regarding possible tax credits.

Many companies also offer an adoption assistance program. Make sure you check with the human resource department of your employer to find out about possible adoption assistance benefits. If you or your spouse is a full-time military personnel, you may also be able to take advantage of a one-time subsidy adoption program to help with financing.

Another option is a loan or second mortgage. Refinancing your home or using a home equity loan can allow you to borrow from the equity in your home, while also possibly benefiting from tax-deductible interest benefits.

Finally, there are several adoption grants and loans that can assist with financing an adoption. Contact such organizations as Brittany’s Hope, A Child’s Desire, A Child Waits and The Abba Fund to learn more.


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