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.
Youâre correct that the dependent canât claim a personal exemption if eligible to be claimed by their parents. However, if the parents choose not to claim the child as a dependent the child can take the education credits. In that case neither the parents or the child claim a dependency exemption for the child.his is an important distinction because itâs an either/or situation in terms of who gets the tax break. If the parent claims the education tax deduction or credit, then the child (in this case, the dependent) canât claim it.