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.
The dependent exemption is not the only tax break that parents can claim. Provided that your income is below $110,000 for married couples filing jointly, $75,000 for a single head of household, or $55,000 for a married person filing separately, you can also claim the child tax credit.o learn more about the dependent exemption and the child tax credit -- as well as other important tax breaks for new parents -- read Parent Savvy: Straight Answers to Your Family's Financial, Legal & Practical Questions, by Nihara Choudhri (Nolo).