Complicated question about an LLC and how to report it

Paying for College FAFSA & CSS Profile
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Okay, so we are trying to gather all the documents and information we will need to fill out the FAFSA and CSS forms.

My husband’s very extended family owns a property that has been passed down through many generations. The ownership of the property is structured as a family LLC.

There are no employees, no rental income, or any income for that matter. We are trying to find out the exact percentage of the property (or percentage of the LLC) that is considered his, so that is yet to come.

We do know the valuation of his portion of the LLC was listed around $5000 on our 2025 taxes. We realize this won’t affect our financial aid prospects much, but we do want to make sure we are reporting everything correctly on the forms.

Chat gpt tells me this should be reported as a real estate asset owned by my husband rather than a small business. I have no idea if this is accurate though.

I don’t really know who to ask about this so I figured I’d ask here. I do have a meeting set up with my accountant to ask some other questions, but am not sure if she’s familiar with these forms and would know the answer.

Does anyone have any idea of how this would be reported in the FAFSA and CSS?

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When is Real Estate Reported as a Business Asset on the FAFSA? (9/17/2017)

Please note that this information in nine-years outdated & rules change all the time. Show this to your accountant to assess, assuming s/he is a reliable expert on filling out FAFSA & CSS Profile.

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Thank you for the link. I will share this with the accountant. Reading it over myself, it is still unclear. The LLC does have its own EIN. The property is not used in or as a business - no rental income, and the family uses it as a vacation home.

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To me, a vacation home equals residential real estate.

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