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.
To start with, I am going to assume that the child is the biological child of both of you and that you live together. In that case, only one person can claim all the tax benefits -- dependent exemption, child tax credit, head of household filing status (sometimes), EIC (sometimes), and dependent care credit or tax-free FSA.