<p>hey can someone with tax knowledge help me out with my fafsa, cuz i think i filed it wrong...</p>
<p>under the parents assets part of the fafsa, there are 2 parts for investments
1. net worth of investments (like real estate, rental property)
2. net worth of businesses and/or investment farms </p>
<p>my parents own a rental property business, like they own a little center that they rent to people for business. The net worth of that business is made up of all the property and equipiment they own, which is only the little center they rent out to people.
so do i put the worth of investment in 1, or 2,? Its a business, but the buinesses is made of the property.</p>
<p>I think I remember there being a live help option on the main FAFSA page. Also, you can call them. I called with a question and barely had to hold.</p>
<p>ohh really... do u have the number? thanks !</p>
<p>It makes a difference where you put that asset. Personal investments are assessed at the maximum rate for parent's, while business assets have an asset allowance, and assets above the allowance are assessed at a lower rate than personal investments.</p>
<p>So you'd be better off (ie your EFC will be lower) if you call it a business and list it there.</p>
<p>Do they do a Schedule C on the rental business? If so, I'd think you're well justified in calling it a business and listing it as such.</p>
<p>Remember to deduct any debt you have on the properties or equipment when estimating a value of the business. The lower estimate the better.</p>
<p>they dont have a schedule c for the rental business but they have schedule k, cuz it a partnership, and for my parents 1040 they attached a schedule E....</p>
<p>Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243) or 1-319-337-5665. If you are hearing-impaired and have questions, please contact the TTY line at 1-800-730-8913.</p>
<p>Also, Live Help is located at the top when you are working on the on-line form. It lets you have a live chat with a customer service representative on-line.</p>
<p>You would be well justified to list this as a business asset. If it is an ongoing business concern, then it is a business asset.</p>
<p>how do you file 2 applications?????? i have 12 schools oh no</p>