My parents own a bit of land and a building on it that we offer to people to rent. They use it for business purposes. I own 25% of that land. Do I answer “Yes” to the following question: “Does the student own all or a part of a business, corporation, partnership, farm, home, or other real estate, or is the student self-employed?” Also, how about this question: “How many businesses, corporations, or partnerships do the student’s parent(s) own all or part of?” My parents don’t own the business of the people renting the building from us. However, does the land qualify for any of those things since we receive money from the rent? Thank you!
What do you mean by “titled”? It’s a piece of land (of which I own 25%), the building on it is used as a restaurant that a company is currently renting from us.
A few more questions:
Enter the total amount of your scholarships, grants, and gift aid for the 2016-17 academic year. - Does a merit-based scholarship given strictly from my school fall in here?
My parents have opened a child’s deposit account that’s currently frozen meaning we can’t withdraw or put in money until I’ve turned 18. The account is technically in my name (so that I’ll be able to access it once I turn 18) but it’s been registered by my father. Which category does the sum put in this account fall into:
Student’s assets - Enter the amount you have in cash, savings, and checking accounts as of today.
Student’s assets - Enter the total value of all of the trusts of which you are a beneficiary. If you do not or will not benefit from a trust, enter zero (0) and skip the next two questions (SA-175 and SA-180).
or
Parents’ assets - Enter the total value of your parents’ assets held in the names of your (the student’s) brothers and sisters who are under age 19 and not university students. /In fact, does the piece of land that I own should be described here as well? It’s my father who legally represents me as the owner since I’m under 18./
On the deed or other ownership document for the land, who or what is listed as the current legal owner?
Are you currently a college student? If not, are you referring to a merit-based scholarship you have received from your high school?
It sounds like it’s a student asset. The restrictions are similar to something you might see with a Trust, but unless it really is a Trust, I would report it in the cash/savings/checking category. Definitely not a parent asset held in the name of a sibling, and the land should not be reported here.
A quick question regarding the above-mentioned 25% of land. I imagine the only question that’s related to this sort of information on the CSS is the following:
What is the total current market value of other real estate, such as residential or commercial properties and land-holdings, you own? Do not include your home.
Could I type in an estimated total price we’d put on these 25% of land if we were to sell it since we don’t have an estimate made by a professional?
Question №2: I set the currency of my profile to be my country’s currency, however, each of my parents have 2 accounts - one in our national currency, and the second one being in euro. Should I convert the amount in euro to my country’s currency according to today’s exchange rate?