is it real estate or business?

Paying for College
1

<p>Css asks in a supplement about owning real estate other than home.</p>

<p>I own a small part of a building that was built many years ago by relatives, but how can I say how much it costs orignally.? I guess I can find out what year but what if no one knows? There is income from it and there is a mortgage and lots of expenses. Does that make it a business instead of real estate? many family members own the building in a group with a name and it is managed. I cant find this question on the Css help section.</p>

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<p>I am guessing…the building is a real estate asset that may have equity in it to draw from, and you have records to show your percentage, as well as your liabilities/expenses…If your family members have tried to draw a LOC from this asset and been denied, but sure to mention that…as that will negate their assumption that you can draw $$ from this RE asset.</p>