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Host Family Credit - for International Students
I host an international student (and am paid through a church for hosting). I read somewhere that I can get $50/mo tax credit - or can fill out a schedule something... anyone else do this?
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Host Family Credit - for International Students
To report your $50/month deduction for hosting an exchange student in TurboTax:
- Click My Account (Top right of your screen).
- Select Tools.
- In the pop up window, select Topic Search.
- In the search bar, type in charitable contributions
Highlight it and select GO, and follow the prompts
You will enter this expense as a cash contribution.
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Host Family Credit - for International Students
Much better than that is to write off all home-based business expenses (proportional share of utilities, property taxes, Internet and phone costs, etc., plus food and mileage for the students). Otherwise, like another answer to a similar question said, you'll lose about 1/3 of your income to self-employment "taxes" and income tax.