<p>Starting in May, my dad's going to be working in China in his company over there. Since his income doesn't qualify for American income taxes, it technically doesn't "show up." However, as he is the CEO of the business, the Chinese government granted him a lot of land. If we fill in the part of the financial aid form (I'm a junior right now) for the company assets, I doubt that we'll be able to get any money. However, he won't be actually making that much (~$80k I believe) and I would need financial aid for HYPSM, etc. Thus, I was wondering if we report either his income or business holdings or both or none or the financial aid forms. If anyone could help with this, I'd really appreciate it. Thanks!</p>
<p>Yes, you should report both.</p>
<p>If he is a citizen, he has to pay american tax no matter what country he is in. I believe it is the same for green card holders.</p>
<p>Is your dad an American citizen?</p>
<p>American citizens hold one of the something like two citizenships that require taxes on all income, no matter where it is earned.</p>
<p>Sorry, I guess I should clarify my question. I know his income's taxable and thus needs to be reported on FAFSA, but do we have to report the business equity that is owned in China (aka the land and machinery, buildings, etc. are all in China and were all purchased there)?</p>
<p>Would you need to report it on an IRS form? That answers your question.</p>