Received a 1099 misc box 7 non employee compensation
for hosting foreign
students. Can I file a Sch C with expenses related to the student? i.e. food, travel, tutoring, internet, etc.? what is excluded? Is this a big audit
item and if so should I just leave it alone??
JA: Thanks. Can you give me any more details about your issue?
Customer: I host a foreign exchange student who lives in my home for 10 months while going to school
. In exchange for a monthly fee I am compensated for supplying all of his needs including food, transportation, lodging, laundry, cleaning, providing a private room and bath just for him. there is only a very small portion left for profit and w/o deductions
I shall be paying taxes
on it as well as all of my expenses
JA: OK got it. Last thing — Tax Professionals generally expect a deposit of about $32 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.