<p>Should I include my moms jewelry under assets? Because if the answer is yes, it wouldnt sound stupid even if somebody started claiming home furniture tables, chairs and sofas - as assets.
Thanks for any reply.</p>
<p>Unless you’re talking about really valuable jewelry ($10,000 or more, I’d say), then no, I wouldn’t add it.</p>
<p>I agree- unless a piece of jewelry was purchased for the investment value- and intended to be sold- it isn’t an asset.</p>
<p>Chedva is right, but emeraldkity, that’s simply not true. It doesn’t matter for what purpose it was purchased. An asset is an asset.</p>
<p>acarey- which schools ask for the value of your jewelry?
I realize that some ask for the age and value of automobiles- but I have never heard of a college who wants to know what is in your jewelry box</p>
<p>Jewelry is not a reportable asset. It’s an asset, but the key is that it’s not a reportable asset for financial aid purposes.</p>
<p>“Asset” is not a term used in FA forms. There are only “investments” and “personal possessions.” The former are deemed available for school expenses, the latter, not. </p>
<p>So if the jewelry is, for example, rare and never worn, and kept solely for its potential for appreciation in value, such as a Queen Elizabeth’s crown, it would be an investment. Normal jewelry would be a personal possession, like your household towels.</p>
<p>Personal possessions can be expensive too. I don’t know about the towels, but do you remember the $6,000 shower curtain?
[USATODAY.com</a> - $6,000 for a shower curtain? That’s really cleaning up](<a href=“http://www.usatoday.com/life/columnist/finalword/2003-10-14-final-word_x.htm]USATODAY.com”>http://www.usatoday.com/life/columnist/finalword/2003-10-14-final-word_x.htm)</p>
<p>I guess that does not count in the fafsa caluclation then.</p>