I am working on my taxes & am hosting a Foreign Exchange Student from Denmark. I would like to know if there are any tax breaks or credits I can use.
2007-03-16 07:20:43 · 3 answers · asked by Jeeper64 2 in Business & Finance ➔ Taxes ➔ United States
If you itemize, you might be able to deduct up to $50 a month for expenses for each full calendar month the student lives with you. It could be considered a charitable contribution if the student was placed with you by a qualified organization.
Note: Jay appears confused on the requirements for head of household status.
2007-03-16 10:55:36 · answer #1 · answered by Judy 7 · 0⤊ 1⤋
No. The exchange student is not a related dependent. If you are paying a significant portion of the student's expenses, you might be able to claim Head of Household status.
2007-03-16 07:28:33 · answer #2 · answered by Jay 7 · 0⤊ 3⤋
I can't remember the exact amount but there is a amount you can claim as a charitable deduction. I believe that it is $50 for each month in the past year that that exchange student lived with you.
2007-03-16 07:50:41 · answer #3 · answered by Wayne Z 7 · 3⤊ 2⤋