Taxes, who claims the kids?

My ex and I were never married, we do not have a legal custody agreement for our kids. We each get them exactly the same amount of time. Him Sunday through Wednesday afternoon. Me Wednesday afternoon through Sunday morning. Neither of us pay child support. We have a very amicable agreement to pay for what they need while we have them and split any big expenses that may come along. We have two kids. A 4 year old and a 5 month old. Now my question is, who claims the kids on taxes? I know it's mostly up to us, and neither of us feel that one of us is more entitled than the other. Literally everything to do with the kids is split exactly 50/50, however we have no legal agreement and don't want one. We are very amicable and work quite well together as parents. Is it legal for us each to claim one child? Or should we do every other year one of us claims them both? I just want to be fair.

Alternating years is what my parents did.

As a tax professional....since no one knows what state or country in which you reside.

one option is for both of you to claim a child. but other than that, yes, ask a tax professional.

If you are American according to the Internal Revenue Code, it is the parent who has custody for the child for the greater part of the year takes the exemption. This is determined by time not divorce decree. If the parents have equal custody during the year, the parent with the highest adjusted gross income will claim the exemption. The noncustodial parent may claim the exemption if the custodial parent waives the right to the exemption. Form 8332 in case you are interested. This same form is used to revoke the exemption.

Child support is neither taxable, nor deductible, but alimony is both.

I live in New York.

I would pop into an H&R block (I am in NY too, and we have those here) and just ask. Perhaps you can each claim both children, or you can alternate. If only person can claim both children for whatever reason, perhaps you can talk to him about splitting the tax credit so you both get some extra money for that.

I'm glad you two have such an amicable agreement. That's very admirable.

Whoever would benefit the most (AKA, get the most back) could claim them and split the money 50/50 with the other person. Seems like you trust each other well enough to do that.