Foreign Exchange Student Stipend Hello,
We will be hosting a Chinese student for the upcoming 2016-2017 school year, and were informed that the stipend we receive will be taxable, 1099 to be sure. I have read through publication 526 where it lists ; food, clothes, transportation, etc. as items possible to record as expenses to offset. So my question is; what are we able to expense and what records would I need to keep for the expenses? Do I need to keep a driving log? How would I break out food, a % of the families total? The room he stays in?
I want to be prepared when he arrives so that we can keep a record but am just not sure what I need a record of and how to go about it.
There is also reference to a $50 per month amount but I think this may only apply to non stipend circumstances?
Please don't just quote pub 526, I read it, that's why I have additional questions.
Thank you,
Bryan |