Can I take a deduction for housing an exchange student?

You can deduct up to $50 a month as a donation if you house a foreign or American exchange student under a written agreement with a qualified organization.  The student cannot be your relative or dependent and must be a full-time student in the United States in grade 12 or lower.  Expenses that may be deductible are books, tuition, food, clothing, transportation, medical and dental care and other amounts spent for the well-being of the student.