<p>When I originally filled out the Fafsa I put a value in line 91(business/farm investment net worth that should not have been included. Yes _ I did not read the instructions properly!
We have a family owned less than 100 employee small business as well as living on the property where our business is. According to the Fafsa rep I talked to this should be a 0 value on that line.
Problem is we were selected for verification from the school and evidently I am not allowed to make this change without their permission. this would be fine except I feel like I have created a mess and just need some guidence in this issue.
We do have a rental property which I listed the net worth on line 90 but when the school went over the initial verification papers they asked for including our tax return they saw they value in line 91 and kicked it to line 90 saying we do not file as a farm so it has to be included in the net worth other assets. That is when I realized our business and home should not have been on there at all but evidently according to her we just cant zero that out now.
Now we have more verification forms to fill out
Rental property value & debt form
Rental prorety mortgage statement
written signed explanation - indicated showed a value of $ on line 90 of FAFSA, what is the source of that investment?
I have no problem with the rental property value and debt form except it asks for unpaid mortagage debt and mortgage statement. When we bought the rental property we did not take out a seperate mortgage for it we refinanced our home mortgage and it was all done on one. So we have no seperate statement for the rental itself. When we file our taxes our preparer takes a certain percentage of the mortgage interest and assigns it to the rental property. I have yet to speak directly with the financial aid rep since this all came about late Fri/Mon am and we have only been in touch by email where she told what forms she needs.
Maybe I am just getting worked up for nothing and this will be easy to get starightened out but i am feeling a little like a small mistake on one line could cause me major problems.
Just looking for some input on our situation and maybe it is not that unusual the way our mortgage is set up and them accepting the documentation. I feel like we cant be the only one who have a small family owned business and live there resulting in not needing to value that on line 90 or 91</p>