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How does it all work out: Foreign Income Exclusion -
How does it all work out: Foreign Income Exclusion - Contracted with a US Company that has Foreign company as well. Sent there and worked overseas for 332 days. So it is understood the Foreign income … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,955 satisfied customers
Hosting a Foreign Exchange student - Taxpayer received a
Hosting a Foreign Exchange student -Taxpayer received a 1099 for hosting a foreign exchange student. 1)Where would that 1099 need to be recorded? 2)What expenses can I deduct against that such room/bo… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,955 satisfied customers
I am hosting a high school student from China. She is here
I am hosting a high school student from China. She is here under an F-1 visa. I received a 1099 from her agency for payments that are supposed to offset the costs of feeding and housing her. In resear… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,372 satisfied customers
I was recently asked to retire and I understand severance
Hi there. I was recently asked to retire and I understand severance doesn't qualify as earned income for an IRA. But perhaps one or both of these does: A) I host an international high school student t… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
4,994 satisfied customers
We hosted an Ecuadorean student in our home for two months
We hosted an Ecuadorean student in our home for two months during 2016. We are not connected to NMSU, however, NMSU could not find a NMSU host for the student and we were approached at the last minute… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,372 satisfied customers
I got form 1099- with Box13 checked towards bartering
Hi I got form 1099-B with Box13 checked towards bartering income. 1.How do I report this and 2.How do I adjust cost of services rendered associated with this ( I mean the whole amount is not income, b… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,372 satisfied customers
My question is similar to one you were asked about 1099
My question is similar to one you were asked about 1099 income received from hosting a foreign exchange student. We received income on two separate 1099-misc one for rent and one for non employee comp… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,882 satisfied customers
I house a 16-year old exchange student from a foreign
I house a 16-year old exchange student from a foreign country and receive a monthly stipend of $400 from Global Language Service Networks - a non-profit organization. I spend this money on food, cloth… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,372 satisfied customers
Have a client that will receive a $1,000.00 a month from her
Have a client that will receive a $1,000.00 a month from her local church to host an foreign exchange student. I assume she will receive a 1099 Misc at year end. I read were a maximum deduction for ho… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,955 satisfied customers
I received a 1099-MISC for hosting a Chinese student. Box
I received a 1099-MISC for hosting a Chinese student. Box 7 is where the income is reported. Can I deduct expenses for this and if so, how do I deduct for his room, utilities, food etc. My compensatio… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,955 satisfied customers
Hi, I need to ask about deductible expenses for hosting an
Hi, I need to ask about deductible expenses for hosting an international student studying English. The student is college aged. I already plan on deducting a portion of my utilities and food expense i… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,955 satisfied customers
I have a client who went into an assistant living for she has
I have a client who went into an assistant living for she has dimentia. She was diagnosed with it. Can we take the Room and Board? I know we can take the personal care expenses, what out housekeeping,… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,882 satisfied customers
We are receiving $1000 per month for 10 months for hosting
We are receiving $1000 per month for 10 months for hosting a foreign high school student. We have a 1099 for this income. For the allowable expenses such as prorated food, transportation, and some por… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,955 satisfied customers
If you host a foreign exchange student and receive a 1099 misc,
If you host a foreign exchange student and receive a 1099 misc, can you deduct thier food etc as an exemption? Otherwise the whole 1099 misc becomes taxable income when it isn't because you've bought … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
A foreign student stayed with me for six months. I did not
A foreign student stayed with me for six months. I did not want compensation, only a small reimbursement for expenses of use of the house and made this reimbursement factor very clear to the universit… read more
rramsook
rramsook
President/Owner
Bachelor's Degree
136 satisfied customers
Last year I received a Fulbright grant. I split my time researching
Last year I received a Fulbright grant. I split my time researching and teaching. Now I am trying to itemize. How should I go about itemizing my food expenses - by Fulbright monthly allocation for "su… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,955 satisfied customers
I received a 1099-misc for compensation from hosting foriegn
I received a 1099-misc for compensation from hosting foriegn exchange students in 2008. I know that I cannot take the $50/month deduction (or credit) because I was compensated. However, most of the co… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,955 satisfied customers
I HAVE A CLIENT WHO HAS AN EXCHANGE STUDENT LIVING WITH ...
I HAVE A CLIENT WHO HAS AN EXCHANGE STUDENT LIVING WITH THEM SINCE AUG 2007. WHAT ARE THE RULES CONCERNING THIS, NEVER DEALT WITH THIS BEFORE. CAN THEY CLAIM HIM AS A DEPENDENT ON THEIR TAXES. HE ONLY… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
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