I received a 1099-misc, employee compensation for hosting a foreign exchange student. Can I complete a schedule c for the expenses?

[leontia25]

Hi,

I hosted last year for only 3 months because my student got homesick. I am thinking of hosting again, but I need advice. I am afraid of hosting and than having to pay taxes at the end of the year. So Im thinking of putting money aside after getting each stipend so I can use that to pay back the taxes. Do you have any idea of the amount that I should put in my savings account (or percentage) so that when I file taxes, and I have to owe, I can use my money that I put aside. 

Also, I thank you for your threads on this post, I didn't even think of it as a business at first, but now I am looking for financial help and may do this again. So now i'm wondering about claiming it as a business... hmmmm

[leontia25]

Hi,

I hosted last year for only 3 months because my student got homesick. I am thinking of hosting again, but I need advice. I am afraid of hosting and than having to pay taxes at the end of the year. So Im thinking of putting money aside after getting each stipend so I can use that to pay back the taxes. Do you have any idea of the amount that I should put in my savings account (or percentage) so that when I file taxes, and I have to owe, I can use my money that I put aside. 

Also, I thank you for your threads on this post, I didn't even think of it as a business at first, but now I am looking for financial help and may do this again. So now i'm wondering about claiming it as a business... hmmmm

[circuspony]

I have exactly the same situation.  when i became divorced I needed to take students in for the added income.  1-2 students per school year.  I feed them at least 2 meals a day and drive to private school twice a day.  I have been writing off meals but wondered this year if I could write off some percentage of my house/mortgage given they are using half the bedrooms and using the common areas of the house including cooking sometimes.  I don't see how to deduct that and if i could figure it out, is it a red flag to be audited.  i just don't want the hassle, i have enough going on in my life!