<p>Hi,
I am helping my son fill out fasfa and profile. Regarding assets---I have a second house that I am renting but after mortgage and utilities I actually have to pay money towards it. I don't see anywhere on fasfa or CSS that asks about my assets and whether my property is rental or not. Is there somewhere on the forms where I need to state that my property is for rented and how will it affect the amount of finaid my son gets?</p>
<p>The market value - what you can sell the rental for quickly minus the amount owed is an asset both on the FAFSA and the Profile, the utilities, depreciation and other deductibles are not used for the asset valuation. The rental income is captured on your Schedule E and reflected as a gain or loss before the adjusted gross income so the easiest thing to do is pull the numbers from the appropriate lines on your tax form. You need the FAFSA numbers to match your tax forms. Profile is similar and also references which lines on the tax forms to pull data from. The asset is valued the same - find out how much you could sell your rental for quickly and subtract the mortgage balance from that number. I remember the line(s) for putting the assets in was somewhere in the line 80s on last year’s FAFSA…should be similar this year.</p>
<p>Thanks! Your answer was really informative.</p>
<p>Parents’ assets, including real estate other than your primary residence, go on line 89 of the FAFSA:</p>
<p>“89. As of today, what is the net worth of your parents’ investments, including real estate? Don’t include the home in which your parents live. Net worth means current value minus debt. See Notes page 2.”</p>