There is a question on a financial aid application for my university asking if we owned our home. We don’t know what to put because we have a mortgage. There is a line that says “Do you own your home” with a check box of “yes” or “no” and under that is a line that says “Annual mortgage or rent payments.”
We put $2000 for the mortgage/rent, but since we have it on mortgage do we own the home or does the bank own it until we pay it off?
And if there is a spot to put the mortgage/rent anyways, does the previous question have that much impact, especially considering that we will pretty much still be paying the mortgage even after I graduate?
You own the home and the bank has a security interest (mortgage) in it.
Ok. I also need to send in a tax return and w2. I’m not familiar with those forms. Does it indicate if you own your home and the mortgage/ location tax amounts on there?
No. If deductions are itemized, mortgage interest may be on the tax return. The tax return and W-2 are used to substantiate income and taxes paid.
?? Do you mean real property taxes?
Yeah!
See, I really don’t know anything about this stuff!
Yes I did mean the word “property” when I put “location”; I was actually thinking about it but the word just slipped my mind. It happens sometimes when I have a thought and it just suddenly goes away.
Are you an international student or a US citizen?
Apparently the OP is from TX.
OP, your parents should know what tax forms and a W2 are.