Updated over 3 years ago on .
College grants and aid regarding real estate income and assets
I have a JR in high school and we're looking at colleges. Trying to figure out financial aid possibilities. How do colleges and the govt look at finances when household income is not cut and dry W2 income?
My wife has part time W2 income and I'm full time real estate. Because of depreciation and expenses, my real estate businesses show a loss on paper. Some LLCs show a profit and others show losses but overall-combined a loss. When that loss is combined with my wife's W2 income our household "income" or Adjusted Gross Income is very low. Do they count assets? All of my assets besides my personal residence are owned with partners. Wasn't sure if they count them if they are owned in LLCs and are not sole member LLCs.