I am 20 years old and a full time college student, I purchased my first home in August and am curious if I would still be considered a dependent or not.

[Vanessa A]

Well it depends. In order to not be considered a dependent of your parents, you would have had to provide over half of your own support for the year.  If you have, that would exclude you from being considered a dependent.  If you did not provide over half of your own support for the year (if your parents helped with a down payment on your house or if they provided most of your support up until August) then they would still be able to claim you as a dependent on their return. 

Also, just because someone can claim you doesn't mean they have to claim you.  However, if they can claim you, it does exclude you from taking certain credits that someone that cannot be claimed as a dependent can take. 

[Hal_Al]

Just owning a home doesn't automatically disqualify you from being a dependent. It would depend on the details of the ownership. Do you own it outright. Do you live in it full time. Who makes the mortgage payments. Who made the down payment and when. 

There are two types of dependents, "Qualifying Children"(QC) and Other ("Qualifying Relative" in IRS parlance even though they don't have to actually be related). There is no income limit for a QC but there is an age limit, student status, a relationship test and residence test. The support test, for a QC, is only that the child didn't provide more than half his own support. The support test for a Qualifying Relative is that the taxpayer provided more than half the relative's support.

The support value of the  home, you live in, is the fair market rental value of the home plus utilities & other expenses divided by the number of occupants.

The IRS has a worksheet that can be used to help with the support calculation. See: http://apps.irs.gov/app/vita/content/globalmedia/teacher/worksheet_for_determining_support_4012.pdf