<p>i did a number crunch myself, but the biggest factor seems to be my property. if i can have it as an asset under my dad’s name then it should still barely clear the $80k allowance with an estimated EFC of 4578(est). however, in my name it blows this number up to 7715(est).</p>
<p>this is probably a question for my tax man, and i’ll have to ask him on tues.</p>
<p>Whose name is the rental income in? If it is in your name a school is not going to buy the property being reported as your Dad’s asset.</p>
<p>swimcatsmom, i am looking at the tax return from amtrust bank, the mortgage holder, and my dad’s name alone is listed (anywhere) on the document. however, the monthly statements show both names: his first, then mine.</p>
<p>the rent checks are addressed in my name.</p>
<p>Your situation is complicated to be sure.</p>
<p>It seems as though things have been set up to minimize tax consequences but that setup might also minimize the amount of financial aid.</p>
<p>it really wasn’t meant to be that way…my dad helped me buy a house so that i could take on a little fiscal responsibility and learn to work with tenants. looks like things may come to bite me in the arse.</p>
<p>i have about five hundred questions to ask my tax man this week! thanks for the input though. i’m glad to know they allow for a safety net.</p>
<p>Your taxman may not be knowledgeable about FAFSA. Just yesterday someone was asking a question about something their taxman had told them to do on FAFSA - it would have actually increased their EFC if they had followed the taxman’s advice.</p>
<p>this is true. do you know who i could go to for professional legal consult about FAFSA?</p>
<p>the best experts I have seen in 10 years are the people on CC, heck I know more about FAFSA than anyone I have spoken to on the FAFSA 800#, and I am waay behind swimcatsmom</p>
<p>Accountants & tax preparers only know those rules, not FAFSA, it is it’s own special thing</p>
<p>mkcman, I must say that your financial situation is very confusing.</p>
<p>Second that on the TRUE experts on CC!! Pay attention to post #29 and get several opinions, some good feedback from this forum, before you do anything rash. Good Luck!</p>
<p>One thing to consider for a complicated situation, tax planning can involve fiction, not fraud, but fiction- a corporation is a fictional person…in your case you need to review your family fiction with your accountant, chart it out, write it down and make it the same every year, even if that means some years it hurts and some years it works for you.</p>
<p>I think when some one is dealing with an unusual situation, that is okay, but you need to be clear and consistent as to the situation. An easy example, dad & son have a savings account, whose asset is it? Son with $150 in paper route money and Dad with assets pushing the limit may choose the account to be considered the sons; well, it better be the sons every year and the interest better be in teh sons SS#. A Dad who opened an account for the benefit of his son (no matter the actual vesting) and who put in $25,000 over the son’s life may want that to be a parent asset for FAFSA and that seems reasonable to me (it really is Dad’s money, assuming the vesting is okay) as long as it is that way every year and interest is in Dad’s SS#.</p>
<p>And when the younger sibling comes along that family ought to do the same thing for each kid.</p>
<p>No one is lying or committing fraud, but when things in life do not fit neatly into the boxes available, you need to be clear and consistent as to how those things work. Your Dad may have this all figured out in his mind, but may not know there are some finaid questions he needs to ask and deal with. Have him write it down for you and keep your story simple and accurate and consistent.</p>