AboutJohn Stancil, CPA Expertise I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I teach tax and accounting at a small church-related college. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a part time tax practice for over 30 years. I am a member of the AICPA, National Society of Tax Professionals, and the Institute of Management Accountants.
Experience I hold a doctorate in Accounting, and four professional certifications: CPA, CMA, CFM, and CIA. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I write a monthly tax column for the local newspaper.
Expert: John Stancil, CPA Date: 7/23/2008 Subject: Foreign exchange students
Question I was told that I can claim the expenses relating to the foreign exchange students that I have living in my home. Can I claim the share of expenses relating to the exchange students? If so, where are these expenses recorded on my tax return?
Answer Carol,
Thanks for your question.
If the student 1)lives in your home under a written agreement between you and a qualified organization as a part of a program to provide educational opportunities for the student, 2) is not related to you, and 3)is a full time student in the 12th or lower grade at a school in the United States you qualify.
You may deduct up to $50 a month for each full calendar month the student lives with you. A full month means 15 or more days (don't you love the IRS?).
The amounts deducted are considered charitable contributions.
