On FAFSA must I include the value of my office condo?
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This relates to the questions about investments owned (line #89) and business value (line #90) on the 2012-13 FAFSA. I own 51% of a very small business with only 3 employees, so I know I do not have to include the value of my business on line #90. However, I have been including the value of my office condo on line #89 and now I think I may be able to exclude it. I own the office condo personally and rent it to my business which operates as an LLC taxed as a partnership. The only tenant is my business partnership. Can I exclude the office condo value from line #89, as it is 100% used for my small business that is not included?
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Answer:
You must include it, but note that the FAFSA asks for the net value of the property. If you owe on it, you would deduct what you owe from the total worth of the property.
Michael B at Yahoo! Answers Visit the source
Other answers
You must include it, but note that the FAFSA asks for the net value of the property. If you owe on it, you would deduct what you owe from the total worth of the property.
Crg
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