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.
Your parents must be citizens or residents of the United States, Canada, or Mexico. Both immigration law and tax law can be quite complicated and an overlap of both can be an audit waiting to happen. Only claim your parents if you actually know they meet the citizenship requirement. If you have any amount of uncertainty, confirm your parents' status before you claim them as dependents on your income tax. The third requirement relates to your parentsâ gross income.