Exchange Student deduction question

#2 01-03-2004, 04:53 AM

maxine in ri wrote:

- quote -

> This is our second year hosting an exchange student. We
> received a notice from the organization through which our
> student came here that we are entitled to a $50/month
> deduction for hosting her.
> Last year, through a different agency, we hosted another
> student. They did not mention anything about a deduction.
> Is anyone familiar with this particular portion of the tax
> code? Are all host families allowed this deduction for
> students, or is it only through certain agencies?

The $50/month rule comes directly from the tax code. It
doesn't matter that the second agency failed to mention it -
you can still claim it (assuming you're otherwise entitled).

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

#1 01-03-2004, 04:15 AM

"maxine in ri" <weedfam[at]hotmail.com> wrote:

- quote -

> This is our second year hosting an exchange student. We
> received a notice from the organization through which our
> student came here that we are entitled to a $50/month
> deduction for hosting her.
> Last year, through a different agency, we hosted another
> student. They did not mention anything about a deduction.
> Is anyone familiar with this particular portion of the tax
> code? Are all host families allowed this deduction for
> students, or is it only through certain agencies?

I would really like to see a copy of that letter from that
organization. If you would, please email me one. I believe
we all will find that this organization is giving out
incorrect tax information. I would like to know where on a
return this "deduction" may be taken.

Wayne Brasch, CPA, M. S. Taxation

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

01-03-2004, 03:36 AM

maxine in ri wrote:

- quote -

> This is our second year hosting an exchange student. We
> received a notice from the organization through which our
> student came here that we are entitled to a $50/month
> deduction for hosting her.
> Last year, through a different agency, we hosted another
> student. They did not mention anything about a deduction.
> Is anyone familiar with this particular portion of the tax
> code? Are all host families allowed this deduction for
> students, or is it only through certain agencies?

See IRS Pub 526 Charitable Contributions starting on page 4.
It explains how one qualifies for a $50/month charitable
deduction if you itemize all your deductions. Go to
http://www.irs.gov/publications/p526/index.html and click on
the line that says "Expenses Paid for Student Living With
You".

--
Alan
http://taxtopics.net

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

#-1 12-31-2003, 10:15 PM

This is our second year hosting an exchange student. We
received a notice from the organization through which our
student came here that we are entitled to a $50/month
deduction for hosting her.

Last year, through a different agency, we hosted another
student. They did not mention anything about a deduction.

Is anyone familiar with this particular portion of the tax
code? Are all host families allowed this deduction for
students, or is it only through certain agencies?

thank you
maxine in ri

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

Similar Threads
Thread	Forum	Replies	Last Post
Student Loan Taz: I have a question about MS Money and student loans. Right now my student loan is deferred until 2011. Is there a way to add this loan into MS...	Microsoft Money	1	09-23-2007 05:50 PM
Student Loan Adrian Walters: What is the best way to create a student loan in Money 04? None of the loan types seem to match a student loan.	Microsoft Money	8	11-14-2004 11:20 PM
Question: Donating Vacant Land for Tax Deduction Todd: I have a question about tax implications if I am to donate vacant land to a charitable organization or church. I have the ability to purchase land...	Taxes	6	11-09-2003 05:24 AM
Home EquityLoan Deduction Question : I took out a first mortgage for 140,000 in March 1988 (6%). I then took out an equity loan for $35,000 in September 2002 (6.99%). I am now thinking...	Taxes	2	07-25-2003 09:23 AM

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode