My parents own our home and they also own the small apartment where my grandmother lives. My parents support my grandmother and claim her as a dependent on their tax return. My question: Does this small apartment count as “second home” for purposes of financial aid, or might it be exempt like our primary residence. Thank you very much for your help!
If they own it, rather than rent it, and if it is in their name, rather than in your grandmother’s name, it is an asset. Be sure to add your grandma in your household size, if they provide more than 50% of her total support.
Thank you very much for your quick answer!