I talked to CSS today and specifically asked about how to report cash gifts - in untaxed income or in money given to parents. The rep talked to her supervisor and said it is not reportable. This seems incorrect. Does anyone know more about this?
Gifts like what? A $20 gift from your grandma for Valentine’s Day? Or a $20,000 gift so you can buy a car?
I know both are technically “gifts” but I don’t think most folks report things like birthday gifts unless they are huge sums of money.
PROFILE collects information and the colleges that use it get what’s important to them. I think another college might say gifts of money should be included. If you are getting large amounts of gift money from grandma, $10, $100, $1000, $10000, $100,000–where does one draw the line?
In practice, a lot of gifts are not reported on PROFILE , from what I’ve heard. I’ve known kids who have gotten a few thousand, a nice haul at graduation, and doubt the remember for include in their untaxed income section of FAFSA or on PROFILE two years later. You use common sense in this regard.
If grandma does buy you a car, is that reportable? If she paid for your braces in the key time period, it’s supposed to be reported, or if she picked up your medical tab.
I know that the information provided by FAFSA and CSS customer service reps online or over the telephone is frequently wrong.