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.
In any case, parents are not required to claim a dependent's interest income on their own tax return. If the dependent has only interest income, and is subject to tax, the parents can choose to put the child's income on their own return and pay the tax, rather than file a separate return for the child. Form 8814 is used for this purpose.