I am trying to figure out how I enter the foreign exchange student hosting deduction in Tax Act. I know that it is considered a charitable deduction on Schedule A (pretty sure considered a cash donation rather than non-cash one). The help section of Tax Act was not very 'helpful.' The duduction is $50 per month, so I would have $200 for 2012.
Thanks in advance!
Ryan
Tax Act - Exchange Student Deduction
Re: Tax Act - Exchange Student Deduction
Has anyone here claimed this deduction before? This is my first year hosting.
Re: Tax Act - Exchange Student Deduction
I never have been involved with the program. But I did research some of the details in IRS Publication 17. It refers you to IRS Publication 526 for details and it is available online at http://www.irs.gov under the publications section. Pages 4, 14, and 20 provide more details and those pages contain links to other sections dealing with exchange students.
Edit: Just noticed you are talking about using TaxAct and I am not familiar with that program.
Edit: Just noticed you are talking about using TaxAct and I am not familiar with that program.
Tom D.