Rental Property?

annoyingdad
Wed, 19 Dec 2012 13:00:46 +0000

Thumper, according to sylvan’s finaid.org link it’s not a rental property for assets:

"If the family rents out a room in their home, it is still considered part of the family’s primary residence, unless it has a separate mailing address (i.e., a separate outside entrance).

The key distinction is whether the rental property is considered part of the family’s primary residence or not. If it is part of the family’s primary residence, it is not reported as an asset."

As for income, the result from Schedule E goes on line 17 of the 1040 and thus the income from renting the rooms would be included in AGI. That’s how the income is included for FAFSA, not as a separate FAFSA line entry.