<p>I need to apply FAFSA for my son.
To answer this question "What is the net worth of your parents' investments, including real estate (not your parents' home)?", I have a question.</p>
<p>I own a home which I inherited from my parent. I was living there before. I needed to move for the job, and now I am living in a rented house in a different city. I am renting my house. Can I regard my house as 'parents' home' or not?</p>
<p>No, unfortunately you can’t because it’s not your primary residence. Refer to the instructions for question 41 which state, in part:</p>
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<p>If you live in a rental property, doesn’t the only home you own become your residence or do you have to move people out to claim it to be your residence?</p>
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<p>The rental home is your primary residence now. The primary residence is the ONLY thing that is excluded on the FAFSA. The house you inherited from your parents MUST be listed on the FAFSA. It is now a rental property, not your primary residence.</p>
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<p>Texas…you are required to live in your home if it is to be considered your primary residence. If you live elsewhere, regardless of the reason, any other home you own is not your primary residence, even if it’s the only thing you own. This poster is using the inherited house as a rental property and is NOT living in it. It is NOT the primary residence and therefore MUST be listed as an asset.</p>
<p>I think the key word here is “home”. The house you own is not your home. Furthermore, you refer to it as your parent’s house, but it is YOUR house. If you are renting that house to tenants, you will also need to report the rental income… Sorry.</p>
<p>Actually the OP says they inherited the house from their parents. BUT at this time, they do NOT live in the house. To be considered their primary residence and therefore excluded on the FAFSA, the person MUST be living in THAT house. If they are living elsewhere…the “elsewhere” is their primary residence. This inherited property is no longer the primary residence of the OP…it is a rental property. It must be listed as an asset.</p>
<p>It sounds like the “owned home” is now being rented out? If so, then how could it be considered a Primary residence?</p>
<p>*now I am living in a rented house in a different city. I am renting my house. Can I regard my house as ‘parents’ home’ or not? *</p>
<p>the part in bold is unclear. Are you saying that you’re renting out your mom’s house? or are you saying that you’re renting the current house that you’re living in?</p>
<p>Is your mom’s house empty or is it being rented out? If it’s being rented out, then not only is it not your primary residence, but it’s rental property with INCOME.</p>
<p>Is your current residence “temporary” or permenent? I wonder if your current situation could be considered temporary IF your mom’s house is not being rented?</p>
<p>What do families in the military do when they have to leave their primary homes, move to another country for a year or two and rent in that new country during that time? Do their homes in the states lose the “primary residence” protection?</p>
<p>Can you move back to your mom’s home?</p>
<p>Thank you all for replies. I will file today. I grew up in the home, and feel it my primary home but file as an asset.</p>
<p>Even if you lived in the house, if you rent any part of it, you have to report the portion of the house you rent out as an asset. So, because you are renting out 100% of the house, you have to report 100% of the worth as an asset.</p>
<p>Hi, I see quite some knowledgeable messages here. Can someone advise me on my situation here? My dh co-owns a house equally with his parents and sister in a different city. This house is the primary residence for my in-laws and it had been paid for long time ago. How should or should we file this house in FAFSA and CSS? Also I was gifted a small car a few month ago, and how should i file it in CSS? I posted this question in another thread, but I don’t see any response. Can someone help me out please? Thanks.</p>
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<p>Your husband needs to list HIS share of the value of the house he co-owns as an asset on both the Profile and the FAFSA.</p>
<p>HI Thumper! Since I see you still frequent these threads, maybe you can help me sort my new situation as well.
We recently purchased another home. Our former home is not yet listed for sale (it needs some repair work first) nor rented. I assume that home now becomes the asset, but what is the most reasonable way to assess its value? My agent has not yet given us a market evaluation (pending the repair work). Should I wait to file until I have an assessment, or just double the assessed taxable value?</p>
<p>Just curious. Thanks in advance for guidance.
Cheers,
K</p>
<p>kmc, I’m just a parent…remember that!! When we needed the “value” of our home for the CSS Profile, our house was NOT for sale. So…we had no info either. We did two things. First we checked Zillow to see what it said our house was worth. Then we checked comparable listings and recent sales of houses in our area and in our town. Actually in our case, the numbers were very close. We used those numbers for the “value” of our house.</p>
<p>thumper - if a property is not for sale, don’t people use the value that is listed for property tax assessment?</p>
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the value that is listed for property tax assessment[//quote]</p>
<p>Where I am, the value on the assessment for tax purposes is 2/3 of the value of the property. Also, these “assessments” might not be as current as other means for determining home value. In many places, home value is assessed only every 10 years or so…so the value on your assessment might be 8-10 years old which would NOT be accurate.</p>
<p>^^Nope at least in our state taxable rates have little relationship to sellable “value.” I get recent comparables like Thumper on asset property from a real estate agent friend and file the e-mail each year as “proof” if I needed it for a finaid audit. Some here have reported Zillow but we live in an area with negligible Zillow listing at any given time and yet others have used some federal calculator (sorry I don’t have link) for valuing property.</p>