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SF 278 Form FAQs
Links to SF 278 Form FAQs:
Liabilities
Do loans from banks, mortgage companies, and credit card companies have to be listed on the report?
You don’t have to list the mortgage or home equity loan you have on your personal residence, or on a vacation home if it is not rented out. You also don’t have to list the balance on a credit card or revolving charge card as long as the balance is no more than $10,000. Otherwise, you have to list on Schedule C, Part I, any liability owed to a creditor by you, your spouse or dependent child if it exceeded $10,000 at the end of the reporting period. There are some exceptions for loans owed to certain relatives. If this is your situation, talk to you ethics official for additional guidance.