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Do I need to include this business on css profile?

RafizXDRafizXD 35 replies15 threads Junior Member
Hey guys.
So my parents are divorced and my dad(NON-custodial parent) remarried.
Now my father has a small old business that he listed.
Now, my step mother started a business in march this year, so it isn't even listed on the 2019 tax returns that my father filed. It also has a current market value of 0. Also my father has no share/interest in it.
So, do we need to include my step mom's business on the css profile?
6 replies
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Replies to: Do I need to include this business on css profile?

  • cptofthehousecptofthehouse 30787 replies59 threads Senior Member
    Assets are reported as of the date your FAFSA/CSS PROFILE are filed. So the business should be reported with a market value and value of assets. A lot of times the college will disagree with the market value claimed. They use their own ways of evaluating a business just as they use their own way of evaluating how much you should be paying, your need. Also, aren’t there some assets that the business owns, like a computer, pencil, paper, other office type supplies? Things she can deduct as a business expense when she does file her taxes and that she uses for her business?

    How was this business reported on PROFILE?
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  • RafizXDRafizXD 35 replies15 threads Junior Member
    Well my dad reported it. It was reported that step mom had 100% ownership and the income and stuff were for 2019, hence 0 obviously. He also gave market value as 0.

    Also, the businesses are both set in the family home, where things like computers are also general purpose use, so I guess they don't count?

    And I emailed the financial aid office of the college that requires the custodial parent's info. Lets see what they say.
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  • thumper1thumper1 79160 replies3573 threads Senior Member
    I’m guessing that is a typo and you meant to write “college that requires the NON-custodial parent information”.

    Your tag is Harvard so are we to understand that this is the college you are talking about?

    I guess my big question is...what are your parents’ (and the one spouse) incomes in total? This small business might not matter at all if those other numbers are sufficiently high.
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  • RafizXDRafizXD 35 replies15 threads Junior Member
    around $105K per year. And even my dad's business income is quite low. Its mainly the job income.

    And yes typo sorry
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  • RafizXDRafizXD 35 replies15 threads Junior Member
    Update- They replied "we are looking for 2019 information, you will not need to include the business information from 2020 on your uploaded documents"
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  • cptofthehousecptofthehouse 30787 replies59 threads Senior Member
    Yes. This current PROFILE used 2019 income, which is zero for your stepmother’s business. The assets can be a while other situation since the assets used are as if date the form is completed. Like right now. If your stepmother owns a business right now, it has some value. If she used a home computer or other personal items for her business, the values are prorated by percent use between personal and business. As is her car use, furniture use , etc etc. She will be allowed to depreciate the items proportionally on her tax forms this year and also deduct business expenses from her business. How any school assessed a business is an individual thing. I have seen businesses losing money even, assessed market value. it is possible Harvard and the other PROFILe schools will ask you additional questions to come up with a value for this business.
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