From the page AVG-23 in chapter 2 Application and Verification Guide, the definition of an Asset: “An asset is a property that the family owns and has an exchange value”.
I am a small percentage limited partner in many LLCs. I have no control over the partnership nor any ability to sell or exchange the ownership. All control is under the manager of the partnership. I get 1065 K-1 each year from these partnerships that report pass through income and losses for the tax year. Most of these partnerships report losses or have previous losses as reported on my tax return. Most of these partnerships own property and run a business but in the partnership’s name. I believe these partnerships are not assets under the FAFSA definition and thus are not reported as investment or business. Has anyone else taken this stance on FAFSA form for limited partnerships? I am guessing the CSS form will not allow this.