Hi,
My wife and I have a 22-year-old son, in final year of graduate school. This past year is the first time that he did NOT live with us for any months of the year. He has a full-ride scholarship for tuition, and a $ gift from a friend of ours, which pays covers his rental housing and food costs. The only strict financial support we have given him in past year is the full use of our 2nd vehicle (which my wife and I own/insure).
He has been working, earning about $600 per month while in school, which covers his other expenses, though he made a bit more over summer. Probably he made less than $10K last year.
Can we still claim him as a dependent? And if we are allowed to and do claim him as our dependent, is there a negative financial impact on him when he files his taxes by not being able to claim himself as an exemption? Thank you!
