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.
You can claim a âqualifying childâ or âqualifying relativeâ as dependent. A âqualifying childâ can also be claimed for the EITC (Earned Income Tax Credit). There are 3 ways that claiming a child can help on your taxes. ï· A child can be your dependent and give you a âdeduction.â This is subtracted from your income before your taxes are figured. Lower income means less tax. ï· It can put you in a different filing status so you pay a lower tax.