Even if you have signed as an owner-builder on the building permit: 1  you and a builder, contractor or tradesperson must enter into a written contract for domestic building work costing more than $5,000.
1 The parent who the child spends the most time with may claim the dependent. 2  If the child spends equal time between both parents, then the parent with the highest adjusted gross income may claim the dependent. 3  If only one of the taxpayers is the childâs parent, that parent may claim the dependent.
If you do not file a joint return with your child's other parent, then only one of you can take the exemption. When both parents claim the exemption, the IRS will usually allow the exemption for the parent that the child lived with the most during the year.