<p>It says ..... Question 89. Net worth of business and/or investment farm. Business or farm value includes the current market value of land, buildings, machinery, equipment, inventory, etc. Do not include your parents' primary home. Do not include the net worth of a family owned and controlled small business with not more than 100 full-time or full-time equivalent employees. </p>
<p>My question is... We own 50 acres we bought WITH our house (Primary Residence--all on the same deed). It has (2) 25 acres parcels. The land is not farmed, or used for Business in any way, it is all stripped mined, hilly, not worth much etc. Will we need to report this as investment land, or does this automatically count as "Primary residence" -since on same deed -purchased with house??</p>
<p>I believe that it would count as your primary residence, particularly since it's not "farmed". Is it all taxed at a residential rate? If so, I wouldn't worry about reporting it.</p>
<p>Well, we are in the "Clean and Green" Program, which means if you own more than 10 acres, you can get a discount on your taxes for this land. (Has nothing to do with income). I guess you could say it is taxed residential for sure--although I could be wrong about the 2nd 25 acres, how do i find out how it is taxed? I do get (2) separate taxes each year though, for the 25 acres WITH the house, and the 25 acres WITHOUT the house, even though I bought them all at the same time, on the same deed. They are connecting parcels of land.</p>
<p>If they are 2 separate parcels, I suppose one could say that the 2nd 25 acres is "investment property." It is not, however, a farm, so it wouldn't be reported as such. (In any event, assets of a "farm" don't have to be reported on FAFSA if there are fewer than 100 employees.)</p>
<p>I think this is a question you should ask an accountant.</p>
<p>I would say this is a typical rural residence with a big yard. Not reportable on FAFSA, because not a business, not a farm, not investment property. The last because the parcels are connected and in the same deed, with a house on it. If they were separate parcels before, they are not now.</p>
<p>I am hopig you are right Dt123, sounds good to me. I do not have an accountant -we try to figure all of this stuff out on our own, although I know one at Church, thankfully. When the time comes, I could ask him, see what he thinks. It is simply vacant hilly stripped land that came with my house -on the deed with the selling price of the property. Basically worthless , it is almost a mile from the road, land locked. Not farmable either.</p>
<p>I agree with dt123. It's your residence. It makes no difference that it is bigger than most people's property. If it's not a farm, business, or investment, it need not be reported as such.</p>