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.
Divorced parents cannot split the tax deduction for a child. The Internal Revenue Service published guidelines for who can claim a dependent child, and those guidelines do offer some flexibility in who can claim the deductions. However, the custodial parent is the one who can claim the deduction in most cases. If you are a divorced parent with joint custody of a child, learn all of the options for tax deductions.