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Electronic Questionnaires for Investigations Processing (e-QIP)

Frequently Asked Questions... about Financial Disclosure Form (SF-714)

Sections include:

Overview;  |  Employee Identification;  |  Annual Income;  |  Bank Accounts;  |  Investment Accounts;  |  Owned Real Estate;  |  Owned Vehicles, Boat, Airplanes, Other;  |  Real Estate You Lease or Rent From Another;  |  Leased Vehicles, Boats, Airplanes, Other;  |  Other Assets;  |  Mortgages, Loans and Other Liabilities;  |  Credit Cards;  |  Additional Income/Bankruptcy;  |  Safe Deposit Box;  |  Comments;  |  Certification;

Owned Real Estate

1. With regard to the purchase price of real estate, do you mean the actual purchase price or the amount of my original mortgage?
2. What real estate needs to be reported?
3. My husband and I inherited unimproved land in rural VA several years ago. It has no address, so I've used "unimproved land in Amelia, Co. VA 23002" Is this acceptable? Also, is the purchase price the value when we inherited it, or is it the current value?
4. What is the difference between capital improvement costs and repairs?
5. I have made capital improvements to my property over the years but do not remember how much I spent. What should I do?
6. Since I have a mortgage on my house, do I still report the house information in the Owned Real Estate section?
7. My name is listed on the deed of a relative's house who actually owns the house. Does that mean I must claim it as property that I own jointly with that person?
8. Should a timeshare be listed on the FDF?
9. I own real estate in Puerto Rico and Guam, should that be considered U.S. or foreign?

1. With regard to the purchase price of real estate, do you mean the actual purchase price or the amount of my original mortgage?

   Answer: Purchase price means the actual total amount you paid for your house, not just the mortgage amount or the down payment.

2. What real estate needs to be reported?

   Answer: All real estate owned by you, your spouse, your dependent children or owned with other individuals must be reported in Section 5. Examples include: unimproved land; commercial real estate; farmland; condominiums; residential real estate; interest in cooperatives; boat slips; time shares.

3. My husband and I inherited unimproved land in rural VA several years ago. It has no address, so I've used "unimproved land in Amelia, Co. VA 23002" Is this acceptable? Also, is the purchase price the value when we inherited it, or is it the current value?

   Answer: Since your unimproved land has no address, your description is sufficient. The Purchase Price is the value at the time you inherited it.

4. What is the difference between capital improvement costs and repairs?

   Answer: Capital improvement costs are those where money has been spent that adds value to the property, prolongs its useful life, or adapts it to new uses. Examples of improvements include paneling a den, adding a new room and putting up a new fence. This is different from repairs that keep your property in good operating condition. If the cumulative capital improvement costs are less than $5,000, they should NOT be reported.

5. I have made capital improvements to my property over the years but do not remember how much I spent. What should I do?

   Answer: Assuming the amount is $5,000 or more, report your best estimate in 5f. Capital Improvement Costs. Also, explain in the Additional Comments box that the amount listed was an estimate.

6. Since I have a mortgage on my house, do I still report the house information in the Owned Real Estate section?

   Answer: Yes. You should report all real estate you own in Section 5: Owned Real Estate. You own your house even though you have a mortgage.

7. My name is listed on the deed of a relative's house who actually owns the house. Does that mean I must claim it as property that I own jointly with that person?

   Answer: Yes, provide entries in Section 5: Owned Real Estate and also comment in the Additional Comments box the fact that the house actually belongs to a named relative and your name is on the deed.

8. Should a timeshare be listed on the FDF?

   Answer: Yes, if you own the timeshare you should list it in Section 5: Owned Real Estate.

9. I own real estate in Puerto Rico and Guam, should that be considered U.S. or foreign?

   Answer: United States territories including Puerto Rico and Guam should be considered as U.S. under the Financial Disclosure Program.

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