My husband’s father passed away in '15 and the house is now in my husband’s name. He uses the location solely as a site to run his business. I was told that the value should not be included as an asset on the FAFSA because it is for business only. But for CSS, I believe it should be counted as other real estate for parents (as opposed to a part of the business value). Does this make sense? Will the aid officers ask if something’s unclear? Thanks!
Is this second piece of real estate in the name of the business…or is it personally owned by your husband, and used for his business? There is a difference.
In my opinion. If he personally owns the second piece of real estate but uses it for the business, it would need to be on the fafsa.
If it’s in the business name and is a business asset…it would not be listed on the Fafsa.
For Profile purposes, yes, I agree, it’s an asset…either a personal one, or included as part of the va,ur of the business of it is Owned by the business,
That all sounds reasonable. More facts might help inform a better answer.
Thanks for your input. . .it is in the personal name and used only for the business. I was thinking more of what you mentioned, @thumper1 , and think that’s what I did for last year’s forms as that’s when the ownership changed, but got a different answer when I spoke to FAFSA about the small business. I definitely know for CSS to include as “other real estate” because it isn’t in business name. @BelknapPoint , did you mean what I had written sounds reasonable or what thumper1 had mentioned. Thanks again!
And is there a way to edit a post (needed a ? for my question)? I will preview better but thought we could edit. (I now see how to edit.)
I was responding to thumper1’s post. Sorry for not being clear about that.
Got it, thanks so much. I guess it would have to be part of the investments section.
Well, it depends on all the facts, which you know and we do not. Was it someone at FAFSA who told you that the property should not be reported (on FAFSA)? If in obtaining this advice from a FAFSA person you provided all the necessary information, I would say that you can rely on it, but it would be safe to have it in writing.
Yes, it was someone at FAFSA, but I would like to be certain I’m providing everything properly, so I’ll check again before I submit. Good idea to inquire in writing.
Call fafsa again.
You need to say “my husband owns a real estate property that is in his personal name. He uses that property for his buisiness…but it is NOT part of the business assets, it’s owned personally by my husband. Do I list that as a real estate asset on the fafsa?”
I’m betting…they will say YES…because it’s not owned by the business…it’s owned by your husband…who happens to be letting his business use it.
Will do. . .thanks again.