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    msfantastic's Avatar
    msfantastic Posts: 13, Reputation: 1
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    #1

    May 11, 2010, 02:40 AM
    How does the host family report the income?
    I plan to host a foreign student at home. It is through a private route, not through school. The parent of the student will pay me directly for room & board.

    1) Is the income taxable?
    2) Do I have to depreciate the house? (I prefer not to)
    3) Is there any expense not deductible on the contrary to what people normally think?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    May 11, 2010, 11:22 AM
    1) No, because that is reimbursement for costs incurred by hosting the student.

    2) No, not for renting a single room within a home.

    3) This is essentially a tax-free transaction. You claim no income for the reimbursement and no deductions for the costs incurred.
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