If you want to deduct expenses against the income, you will need to report it as non-employee compensation (a "business") rather than other income. It is likely that your 1099-MISC reports it this way by default (in Box 7) but you can treat it as if it is, even if it is reported in Box 3.
You will need to upgrade to TurboTax Self-employed to deduct the expenses if you are using the online version of TurboTax. Once you have upgraded you will have the option to enter both the expenses and the income under the section Self-employment income and expense. (If you are using an installed version on your computer, an upgrade is not likely necessary to report in this same area.)
Some of the questions may not fit exactly since we don't typically think of hosting a student as a "business" but do the best you can with them - it doesn't have to be perfect. Keep in mind many of the TurboTax questions (such as what type of business, etc.) are to help set up the best interview for you and are not necessarily translated into direct entries on the tax return. Be sure to review your tax return carefully before you file - you want to pay special attention to Schedule C to be sure the income and expenses are listed the way that you expect them to be.
Many questions can be answered by clicking on the blue "Learn more" links throughout this section of the program but feel free, of course, to come back here with any specific questions as you have them.
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