Hello,
For a family with both parents and children being US citizens, how do we add foreign (India) assets in the FAFSA form? The general answer I get is to do your best estimate and convert it to local currency on the day of the filing. However, currently, we do not know any reasonable estimate. If selected for verification, I need to be in a position to provide the right documentation. Do we need some certified letter from, say, a charted accountant or a property lawyer? Anyone has done similar things who can share the experience? The income generating assets are already being reported in 1040.
Thanks!
What kind of asset/s are we talking about?
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Real estate
Ok, so this takes a little bit of work. Not knowing anything about how real estate works in India, I may be speaking out of turn, but… you need to find some comps and get a reasonable fair market value for your property. Comps = similar properties in the same general area that have sold within the past several months. Is this information available to you?
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Unfortunately no, need to make a visit and spend some time there.
So are you saying you don’t live in the country where these assets are? Do you know someone who does? They could find out the value for you.
@lmn1,
I asked an Indian-American colleague about this and he said you can hire an appraiser to calculate the fair market value of your property. He said you can hire one via UpWork or similar sites. Said, no need to travel there yourself (unless you want to).
Hope that helps.
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