I have two houses. But 2nd house is used for my mother-in-law to live in, because we need to support her. In this case, can this 2nd house be excluded on FAFSA? Or, do I have to input this as asset?
You cannot exclude the house - it must be reported as an asset.
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It is your house, so even if you’re not collecting rent for it, you still own it. You have to list it. However, are you claiming your MIL as a dependent? That could help you out, in that it htne becomes obvious that you/re supporting her.
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Yes report it. But it is fine to write the financial aid office to explain this special circumstance and if you do a CSS Profile , there is a section in there where you can explain. Even though your mother iaw lives there, you would be the one to get the proceeds from selling it. But the burden of supporting your mother in law is relevant.
I actually forget- is there a section in the FAFSA where you can report this dependent or will it be on your taxes? In any case, an explanation to the FA office is fine to do via email, and you can do it in the form of a question.
You need to report the equity in that second house on your financial aid forms.
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