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Hosting International Student
We have signed up with a private school to host an international student. The students family will pay the school and in turn, the school will issue a monthly "stipend" between $600-$800.
I asked the Business Administrator about how this "income" will be reported and he told me it will be on a 1099, under "RENTS". I understand that anytime income comes this way, there is going to be some steep taxes owed. My questions is HOW DO I MINIMIZE THE TAXES OWED? If I keep detailed account of all the expenses incurred providing for the students basic needs, can I deduct them against the income? I don't want to get stuck with a big tax bill at the end of the year. |
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You should post the 1099 income on hedule Schedule E, then claim all support costs for the student on that
You can also on a prorated basis, utilities and, id necessary, real estate taxes and mortgage interest. You CANNOT claim and the Schedule E cannot show a loss. |
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