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mmorrison5
New Member

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?

 
2 Replies
Bsch4477
Level 15

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?

pk
Level 13
Level 13

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

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