FAFSA Question 90 & 91

Paying for College
1

<p>First, I'm sorry if this has been asked. I searched but couldn't find any answers. </p>

<p>We own 50% of land & building that houses our business. The land is in a S corp and the business is in an S corp. The other 50% is owned by a relative that will not be listed on our FAFSA.</p>

<p>Do we need to list our share of apprasial of land & building in question 91? or does this fall under exemption for business value of 100 or under employees? or do we lump this value into our investments on question 90? </p>

<p>We also own a 50% share in a rental house with another relative. This rental income has been listed on our taxes for years in schedule E. How do I handle the value of this property?</p>

<p>Thank you.</p>

2

<p>The land and building for your business are not reported at all on your FAFSA. </p>

<p>The rental value will be reported. Report it at the lowest reasonable valuation, not necessarily what you would show the bank for a loan. If you had to sell it right now, what would you get for it in this economy.</p>