While I realize that I will probably have to include both of my businesses in the CSS the FAFSA is not as clear for exclusion of business and/or investment assets so I have 2 questions:
Question 1 - I am a 50/50 member of an LLC that owns a commercial real estate property. I have heard everything ranging from if it’s an LLC (deed in LLC name, registered with state, separate funds from personal, and gain/loss flows to my personal return) than do not include vs. you must include (reported on schedule C vs D) and do not provide significant services (cleaning, etc).
Question 2 is whether or not the small business exclusion applies to my regular business since we have less than 100 employees and it is owned 100% by my family. Of course my salary & business income flows to my tax return but the question relates to business assets to be excluded from FAFSA purposes.
Any advice would be greatly appreciated!