<p>“How about this: assume you have a collection of 1000 rare silver dollars. Each is appraised as being worth $1000 a piece due to their fine condition and scarcity. Do you report this as $1,000 in cash, or $1,000,000 in investments, or nothing as a personal possession?”</p>
<p>Interesting hypothetical. Cash is a reportable asset. Collectibles and other “possessions” are not reportable assets. A valuable art collection wouldn’t be reportable, for example.</p>
<p>I’d say that the only thing that makes the silver dollar collection reportable is the fact that it’s technically “cash”. So it should be reported at it’s “cash” (face) value, not at it’s market (collectible) value.</p>
<p>AskMe: Credit card debt isn’t considered by the formulas. Nor are rent or monthly mortgage payments. (Mortgage debt is considered when considering calculating home equity for Profile, for for FAFSA if a second residence).</p>