No. It's all or none. But, you probably can claim him for the whole year, unless he is 24 or older.
If he/she was a student (under 24) for at least
5 months, and lived with you for more than half the year, and
did not provide more than 1/2 his own support for the whole year, you can still
claim him. Be sure he knows you're claiming him, so he doesn't claim himself.
He can only be claimed once. But, he can "file taxes" without
claiming his own exemption.
The real question is who should be claiming him
in this "transition" year to adulthood. Bottom line is: you two have
to agree on who is going to claim his exemption. Each should do their taxes
both ways and see which way the family comes out best. The rule is that a child
of a taxpayer can still be a ?Qualifying Child? dependent, regardless of
income, if:
1. he is a full time student under 24 for at
least 5 calendar months of the year (graduating in May usually means you meet
the 5 month rule)
2. did not provide more than 1/2 his own
support
3. lived with the parent (or was away at
school) for more than half the year
So, for graduation year, it usually hinges on "Did he
provide more than 1/2 his own support for the whole year".
The support value of the home you provided is
the fair market rental value of the home plus utilities & other expenses
divided by the number of occupants. IRS Publication 501 on page 20 has a
worksheet that can be used to help with the support calculation. See: http://www.irs.gov/pub/irs-pdf/p501.pdf
