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 parents are divorced, the custodial parent may release a claim to exemption for a child, which allows the noncustodial parent to claim the dependency exemption for the child and the child tax credit for the child if the requirements for the child tax credit are met.