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I am hosting an exchange student (F1 visa) and being paid money from the family for the hosting. Is this income counted as regular income tax?
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posted
August 7, 2022
2:34 PM
last updated
August 07, 2022
2:34 PM
2 Replies
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I am hosting an exchange student (F1 visa) and being paid money from the family for the hosting. Is this income counted as regular income tax?
The income is taxed and is discussed here.
August 7, 2022
2:57 PM
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I am hosting an exchange student (F1 visa) and being paid money from the family for the hosting. Is this income counted as regular income tax?
@mmorrison5 , as a general matter, "It Depends".
If the payment is for a fixed sum agreed (for the purposes of defraying the additional cost), then it is income to you and taxed as such ( "Other income" with no self-employment taxes ).
If you are in the business of hosting ( students and/or others ) then the income can be recognized on schedule-C and allowable expenses can offset the income -- self-employment taxes also apply
If payment was gift ( i.e. there was no agreement and/no requirement to pay but the guest family wanted to help), then it is NOT income and therefore not taxable, even if the family is foreign.
That is my view/opinion.
pk
pk
August 7, 2022
3:05 PM
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