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    orencia's Avatar
    orencia Posts: 1, Reputation: 1
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    #1

    Oct 12, 2010, 06:21 AM
    Adoption Tax Credit and Chapt 7 Filing
    We are filing Chpt 7 and are required to disclose (to the courts) any future tax credits expected. We are expecting a $12K adoption credit. My question is, can a portion of that $12K credit be deferred into the future? The reason for us wanting to defer payment is to protect at least a portion of the $12K rather than having the courts take it. We are not able to put off the filing entirely but if "allowed" we'd like to at least defer some of it. Thanks in advance for your input. Much appreciated.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    Oct 13, 2010, 08:32 AM
    Sorry, but you cannot, In my opinion, defer the credit.

    The unused portion of the adoption credit DOES rollover to future years, but only after the full amount allowed is claimed in the current tax year.

    Now, you can NOT claim the credit on your return, then sometime in the next three years amend the return to claim the credit retroactively, but doing so would probably be viewed by the bankruptcy court as an attempt to "hide" an asset, and thus be illegal.
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