I have a C-corp small business ( couple rental homes), with no employees.
[Being a C-corp, the income stays within the small business, and does not pass thru into my income as in a S-corp or LLC]
Should I report this in FAFSA?
It clearly states in Fafsa form that “if your small business has less than 100 employees, do not report the business assets”
Although it does state elsewhere on the Fafsa form to report “investment properties”.
(I choose to call it small business , rather than investment properties)
Business assets represents the value of the properties themselves. (You own a house worth $250K. You have a 50K mortgage- the value is 200K). The income (cash flow less your expenses) is not an asset of the business- it’s your income that you would report on a P&L. How do you propose to shelter your income so it’s not available to pay for college?
@Blossom–The income from the small business is the C-corp’s income, not my income. That income stays within and is completely used within the small business. I do not make any profit, for it to become an income for the busniess owner(me).
If you aren’t making a profit, reporting the income isn’t going to impact your aid.
HI Blossom…my point is that I don’t need to report any income, as I am not making any from this small business. And also I don;t need to report any assets, as it have less than 100 employees.
Thus I don’t even need to mention having a small business on Fafsa form. (neither assets nor income)
In your opinion do you think, that is what it boils down to?