CSS Profile question: valuing a business?

[kokotg]

I finished the FAFSA the first day it opened in less than an hour and was feeling very proud of myself. Then I started the CSS Profile, and it's so awful I want to cry. For example: I have a small self-employment income from blogging, and I have no idea what they want from me in the section on how much my "business" is worth. My "business" is me sitting at my computer; it's not like I could sell it for anything substantial. I was thinking of putting in the fair market value of the stuff I use that I've claimed as deductions (which is basically my computer and my camera/lenses). Does that sound reasonable? Between self-employment taxes and how it will impact DS's financial aid, I think I'm working for about $2/hour at this point, if that. Anyway, anyone BTDT?

[regentrude]

No BTDT, but I would list the value of the business as zero. You do not have any assets in the business that you could sell.

[katilac]

That is freelance income more so than a business. Report the income, value the business at zero - and I'd think you don't even have to list it as a business unless you have a business license and such; if you don't, it is strictly freelancing imo. 

[Lanny]

This was interesting to me because we need to do the CSS Profile for DD and I have some Self-Employment income that is reported on Schedule C of my U.S. tax return. Thanks OP!

 

 

[kokotg]

I think technically it is a business, because I file as a sole proprietorship with a schedule C EZ, but I'm going to put the value down as $0 and hope for the best. I imagine the point of it is to tell them if you have assets that you could borrow against or sell to pay for college, and that's clearly not the case here. Thanks everyone!