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Please let me know what state the proceedings are in. Why are you allowing him to claim her if you have custody?
We reside in Illinois.
For 2008 we were together for 1/2 of the year. I bought a house to move into and qualify for the 2008 1st time home buyers credit (loan) on my taxes. Because that is going to increase my return considerably, I'm considering allowing him to claim her to recieve credit 'one last time' so to speak. I'm trying to be fair - though I'm hearing it may be a stupid move!
I see. No, it does not set a precent for future returns. You should insist on being able to claim her as a dependent (and you head of household) on future returns in the separation agreement though.
Please let me know if you need additional information.
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Under the IRS laws, the parent who has physical custody of the child for 6+ months is entitled to claim the child as a dependent. However, sometimes parents do not abide by this law, so it is always best to have it stated in the agreement. Yes, cover your #(*$& :)
Good luck to you.