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Does the government pay you for adopting children?
My neighbor has 5 kids that he adopted as a single parent and the guy is not a molester or anything the kids are pretty happy and he looks out for them as if their his own. At my daughters birthday party I managed to get the guy drunk and he "revealed" his secret intentions and said he s basically doing it just because the govenment exempts him from a lot of taxes at the end, more than if the kids where his biological. I think it comes down to close to a thousand a month per kid because he gets exempted from 11k per kid yearly. Keep in mind this ******** is a buisness owner. So is it true that its a financially smart idea to adopt kids instead of having your own so you can be saved from taxes at the end of the year?
3 Answers
- Jade21Lv 46 years ago
Yes, children are big tax breaks, can wipe out the taxes you owe the government, and give you a nice sized refund until the reach the age of eighteen or up to the age of twenty-four if they are a full time college student where you can also receive refundable credits for that also. However, kids are expensive and cost a lot of money to raise. So even though that refund is nice, you still have to take care of those kids. Also, you have to teach them how to be law abiding, respectful citizens and as long as you have no problem with them and give these children a lovely and nurturing home, ,why not reap the benefits and the credits you get for adopting the children if you are doing it for the right reasons?
- Little PrincessLv 76 years ago
Are these children he's adopting or are they foster children? The state will provide (financial) assistance for people who care for foster children. If they're adopted children, I'm not familiar with any tax program that treats adopted children any different than biological children (but I've never looked at that part of the tax code).
If he's providing a loving and caring home to 5 kids who would otherwise be orphans, more power to him.
