CSS/fafsa question

Parents Forum
1

<p>My dad recently had my name placed on property he owns. It has both our names on the loan and title. He pays the loan payment and takes the interest deduction on his taxes. I think he did it so that if he dies, he is 75, I get the property.</p>

<p>It is only one acre in the middle of nowhere and the old house is condemned and we are tearing it down this summer. The property has a value of about $20,000 and a debt of about 11,000.</p>

<p>Do I need to include this as an asset on the FAFSA/CSS? I had forgotten all about it and may have to amend my final fafsa but just now doing the CSS when I got a year end statement I remembered.</p>

<p>weird</p>

<p>Thanks</p>

2

<p>From the numbers given, $20k value less debt of $9k, there is an asset of $9k. Whether that is yours or your Dad's or half & half depends on the exact wording of the vesting and the control. At worst it is $4500 asset for you, but it how is it vested?</p>