Host Family Credit - for International Students

[lizsabicer]

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?

[Marketstar]

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.

[sactottuser]

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.