@sammx14 You don't really say how (source of money) you provide more than half your support, particularly the cost of schooling. Scholarships are not your own support. Loans, co-sighed by the parent, are not your own support.
The support value of the home, provided by the parent, is the fair market rental value of the home plus utilities & other expenses divided by the number of occupants. The ownership doesn't matter (unless it's you)
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
Yes, you will both be "audited". If someone else claimed you, as a dependent, inappropriately, and if they file first, your return will be rejected if e-filed. You would then need to file a return on paper, claiming yourself, if appropriate (in your case it's the parent that will have to file a paper return) The IRS will process your return and send you your refund, in the normal time. Shortly (up to a year) thereafter, you’ll receive a letter from the IRS, stating that your exemption was claimed on another return. It will tell you that if you made a mistake to file an amended return and if you didn't make a mistake to do nothing. The other party will get the same letter you did. If one of you doesn't file an amended return, unclaiming the exemption, the next letter, from the IRS, will require you to provide proof. Be sure to reply in a timely manner.
Winner gets the tax benefits; loser gets to pay the IRS back with penalties and interest.
