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In order to claim someone as a dependent, one test is the support test.
You must provide more than 50% of support. With that said, if you provide $4000 of support for the year and your child buys a car for $4500, you cannot claim an exemption because he provided more than half of his own support.
(So if you’re a parent, offer to pay for enough to cover half, you’ll get it back in taxes and come out looking like a good parent)
23 Mar, 2020
23 Mar, 2020
23 Mar, 2020