No, you can't deduct expenses against income received for hosting an exchange student, unless you file a Schedule C as a 'Business'. If you report the income as Rental Income for renting part of your home on Schedule E, then you can claim related expenses.
Otherwise, you report the income as 'Other Income' in TurboTax, and you are allowed a $50/month charitable contribution deduction, which is reported on Schedule A.
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