<p>ok, so in 2007, my family sold our home. So on the FAFSA, i had to write our gross income including the money from the house. As a result, the income was really high and I was awarded zero aid from all of my colleges.</p>
<p>Is this an example of an eligible circumstance for petition? Or would filing a petiion jeopardize my chances of getting aid in future years?</p>
<p>please help. thanks!</p>
<p>I don't think selling your home (assuming it is your primary home - not an investment or vacation home) should be shown as income. I may be wrong. But if the money generated by the sale would be shown as an asset if it has not been reinvested in another home.</p>
<p>I would definitely check with the financial aid officer of your school. If the sale of the home does have to be included as income for FAFSA it is probably a basis for a request for an adjustment. A financial aid officer will not penalize you for requesting an adjustment. They are usually happy to help where they can within the limitations of the law.</p>
<p>Swimcats is correct...the amount of money in the bank would be an asset. BUT I have to say...if your parents had $300,000 in the bank when you filed your FAFSA, that WOULD affect your need based financial aid.</p>
<p>Most people don't pay capital gains on the sale of a primary residence that would show up as income; there's an exemption of (I think) $500,000 for a married couple and $250,000 for single. I guess if the house appreciated more than that (or if all the other conditions for the exemption weren't met) there would be taxable income.</p>