HS senior here.
I just submitted my FAFSA and am working on my CSS profile. My parents own another house through an LLC they share. Very recently they began renting out the property, previously it was unoccupied and with 0 income. I am curious as to how I report this and how colleges will look at it.
I imported the IRS info for the FAFSA and have an estimated EFC of $5000. For CSS, do I report the LLC as a "business", with a value of that of the property? Or maybe only 50% of the property for 1 parent? Can I not report it at all? Also how much would I be penalized in FA for this, including in later years when my parents are receiving another $10k in salary from this house?
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