Q7 Real Estate

Real Estate

List all real estate other than real estate that is used EXCLUSIVELY as your principal residence, including real estate located outside of Rhode Island or the United States, in which you, your spouse or your dependent child had a financial interest. Do not list the value of the real estate.  If your principal residence is also used for rental purposes, including room, apartment, unit or guest house rental, or as a multi-family residence, it must be disclosed. You must list each property for which you receive a separate tax assessment, including lots adjacent to your principal residence.  A financial interest in real estate includes direct and indirect ownership through a trust or other entity, mortgages, options to buy, sell, or lease for a long term, tax liens, and other interests that are held individually or with other persons, including deeded interests in timeshares. For example, a 1/6th interest in undeveloped land in Florida, held in trust, is a financial interest that must be disclosed.  However, you need not list real estate that is held by a corporation in which you have a financial interest unless that corporation’s principal business is real estate.  For example, if you are a shareholder in a business corporation that operates gas stations, you need not disclose the address of the gas stations owned by the corporation. However, if you are a shareholder in a corporation that primarily owns, operates, buys or sells real estate, then you would be required to disclose the real estate owned by the corporation. Do not list dollar amounts.