Can you write-off any expenses of hosting an exchange student on your taxes?

I am paid a monthly amount by a local school for hosting an exchange student in my home. At year-end I am 1099%26#039;d and need to report the amount as taxable income. Can I offset this additional income tax with any write-off of expenses incurred, like for providing food, heat, water, etc.?

Can you write-off any expenses of hosting an exchange student on your taxes?

Actually, there is a deduction available under some circumstances, if you itemize. See page 152 of IRS Publication 17 under the heading %26quot;Expenses Paid for Student Living with You%26quot;. If you qualify, the deduction would be itemized as a charitable deduction.

Can you write-off any expenses of hosting an exchange student on your taxes?

I doubt it, but check with an accountant.

Other Replys:No. That%26#039;s why you are getting paid. It costs about $11,000 to support a student for the entire school year according to the exchange industry%26#039;s estimates. If you were a volunteer then you could deduct $50 for each month but not if you are paid. The IRS won%26#039;t like that at all.