Host Families of Foreign Exchange Students May Now Deduct Some Expenses
With new IRS codes now in place, volunteer host families may now deduct various expenses of having a student live with them under itemized charitable contributions provided certain criteria are met.
Texas, July 9, 2015 (Newswire.com) - Volunteer host families of international high school exchange students have long been able to take a $50 per month tax deduction for each month they host a foreign exchange student. With new IRS codes now in place, families may now also deduct various expenses of having a student live with them under itemized charitable contributions provided certain criteria are met. The complete details are available in IRS Publication 526 which can be found at irs.gov.
The new tax code lists qualifying deductibles which include the cost of books, tuition, food, clothing, transportation, medical and dental care, entertainment and other amounts you actually spend for the well-being of your student. It should be noted that programs such as the SHARE! High School Exchange Program require all students to carry their own medical and dental insurance as well as to have spending money for personal expenses as part of their program regulations.
For more questions about hosting a foreign exchange student and the tax deductions available, contact Yvette Coffman, SHARE! High School Exchange Program's Southwest Director at 800-941-3738 sharesouthwest.org.