All,
I have rented out my home in Virginia for 3 years when I will be working for my Asia Subsidiary in Singapore, and is living in a rented place. Can I claim my Virginia house as a primary residency or should treat it as a investment property when I submit details for FAFSA or CSS?
Thanks,
Kris
I believe this will be a rental property and therefore can’t be your primary residence. Someone else is living in it and you are collecting rent.
I would probably consider the house you are renting out to be your primary residence if you are planning to move back into it when you return to the U.S. The rent would be reported as income. However, it’s not totally cut & dried, and that is my interpretation of the regulations … which doesn’t mean it’s correct. Because I am not sure, I would want to get a confirmation from the team at NASFAA that helps with unusual situations like this. So my advice is to call (or email) the financial aid office at your child’s top choice school & pose the question. They will either know the answer or look into it for you.
If you are not living in your Virginia house, it is not your primary residence. You say that you are currently renting out your Virginia house, so if anyone can claim that house as their primary residence, it is your renter(s). My understanding is that the definitions for FAFSA depend on what your current situation is, not what your future intent may be.
I agree with this…and it also aligns with what happened to family members here who lived abroad and rented their house here.