<p>I currently have two children in college and am filling out fafsa and css-profile annually. My mother has offered to give me her 5 year old car to replace my 15 year old car. Do I report that on either the fafsa or the css profile and if so, where.</p>
<p>Frankly, I don’t think people report gifts. If mother gave me jewelry, a camera, any of those things, I would not report them. Some schools do want car information, and if that is the case, they will ask you what cars you have.</p>
<p>What about gold, gold bars and gold coins? Should they be reported on the FAFSA or even CSS? --Sorry for hijacking, but it sort of applies :P</p>
<p>@wmurphy - I don’t see that as hijacking - just pushing the edges of the question - PI-230A calls out cash or money paid on my (parent’s) behalf. gold isn’t cash nor money paid but it could be considered a “cash equivalent” and so might a car. Thanks for adding to the discussion.</p>
<p>When one starts getting into gray areas, the answers are not clear. If my mother gives me a very expensive gold/jewelry necklace as a gift, it isn’t going to get listed. If she gives me the equivalent in cash, it’s supposed to be reported. But really, do kids report the graduation, birthday money they get on PROFILE? My aunt was given two airline tickets for a trip to CA, as gifts; strictly speaking that should be reported. It probably will not be. </p>
<p>So a bar of gold? One sitting on a wooden tray, intended to be decor? Or one given with the intent that it is an investment? My answer would be the latter becomes a cash equivalent and should be reported. Whether it would be…I don’t know. </p>
<p>There are things like this with the law all of the time. We are all supposed to pay sales tax on things we buy out of state or though, say Ebay. Most states even have some archaic form to report and pay it. I say “archaic” because hardly anyone does. THe law puts the onus on the seller instead of the buyer to report sales tax, other than for certain large ticket items and leaves it as that.</p>
<p>A student is supposed to report every cent he has the day he completes PROFILE/ FAFSA. THe number of absolute zeros is pretty much proof positive that few do. I don’t believe that all of these students don’t have a dime to their name or in their pockets on any given day. Who reports baby sitting or errand money? Yes, some do, but not as a rule. </p>
<p>IF you are ever selected for exhaustive verification, these things come up and you may have to add them back into the picture, but I think that most of the time, people do not include them. When the amounts become greater and it truly becomes a subsidization of sorts, the more the urgency to report them as such.</p>
<p>I believe not all profile schools ask about cars. I do get that question, in the supplement section. Not to see if it’s a gift, but to see if it’s a “resource.” Mom gave us her old one, I just report it next to the family car. No value, no cost, and- important- “not a student car.” </p>
<p>But, Mom’s car is older than yours. If you were to trade in the car, you’d get what? A couple thousand, depending on the condition and work required? That’s the value.</p>
<p>230-A: Enter the amount of cash your parents received and any money paid on their behalf (e.g. bills) in 2011 (PI-230A)</p>
<p>Operative words: cash, money.</p>
<p>Which colleges’ Profile supplements ask about cars?</p>
<p>Bump
ten char</p>