Tax Deductions for Care of Unrelated Students

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Summary: Got a foreign exchange student? Get tips for filing tax deductions for unrelated students in this free video clip about tax deductible items.

Views: 381 | Tags: online, service, help, filing, internal, forms, files, taxes, tax, deductions, deductibles, ira, revenue

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About the Expert

Tom Choisnet Tom Choisnet was born, raised, and educated in San
Bernardino, California where he has his practice today. He has been in self-employed tax practice fo... read more

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Video Transcript

Tax Deductions for Care of Unrelated Students

"Your wayward cousin's child? You know, you can deduct that. I'll tell you more about it when you come in, but keep track of it, if you spend more than fifty bucks a month, it's capped at that, but I'll tell you more about it when you come in." Hi, Tom Choisnet, enrolled agent, and I wanted to tell you a little bit about care of unrelated students. This is a little known deduction and, of course, through the foreign exchange programs, it's common knowledge, but if you have a child in your home that's not related to you, you can deduct taking care of them regarding their schooling. Before you jump on this one, it's limited to fifty bucks a month, so it's not a big thing, but it's a little loop that a lot of people just don't seem to know. So I thought I'd make a separate segment and tell you about it, and perhaps it will help you reflect on some other areas. Thank you.