sorry I didn’t see it was an ‘other’ house. You have to realize that a school isn’t going to give your family a lot of aid based on need so you can keep your extra house.
And paper writeoffs from the depreciation expense on the rental.
So…checking for clarity…$78,000 in income…$12,000 in rental income…and over $400,000 in that second house.
Is,the rental property fully paid for? If not, what is the mortgage balance on that rental property.
Anything else??
No, property is fully paid off. Thats pretty much it. Well, that clarified it up more. Thanks Everyone!