- I have LLCs for real estate and I have entered the purchase price and market value in the Real Estate section on CSS AND I also listed the market value and loan debt (amount owed) in the Business Details section since the real estate is the only asset in the business. Is this correct or am I actually double entering these assets?
- Secondarily, if my wife owns 10% and I own 10% of a business do I need to list the business once for me indicating her as another family member that owns part of the same business AND enter the business again for her indicating me as another family member owner? I don’t want to double enter here. Thanks for any help.
I’d call the FA office at the school to confirm but for #1 I’d think that you would not enter business-owned real estate in the personal section, just the business section. It’s a business asset, not personal. Not sure about #2. I haven’t filled out the CSS in awhile but I recall the instructions not being real great for business items.