Low income

[sparkynow]

If the US citizen is self employed and normally makes a good income in construction but the income is very low now due to the poor economy,how will the vo look at this? My income for '07 was not very good and '08 is very low. For me ,things could improve at any time. I am 55. I have savings,several retirement plans,soc.sec.(when elgible)and no debt. I have more "things" than many people and my home is nearly paid for,(over $300,000 equity). I have the things I need but I do conserve money and I can support my K1 and K2. I saw the posting from 12-05 saying he had a lot of equity in his house and wanted to know if this is considered in some way. You told him to check another site for this info. but the link does not work now. Thankyou

[dnoblett]

If the US citizen is self employed and normally makes a good income in construction but the income is very low now due to the poor economy,how will the vo look at this? My income for '07 was not very good and '08 is very low. For me ,things could improve at any time. I am 55. I have savings,several retirement plans,soc.sec.(when elgible)and no debt. I have more "things" than many people and my home is nearly paid for,(over $300,000 equity). I have the things I need but I do conserve money and I can support my K1 and K2. I saw the posting from 12-05 saying he had a lot of equity in his house and wanted to know if this is considered in some way. You told him to check another site for this info. but the link does not work now. Thankyou

 

You may want to read the guidelines of this forum:

Posts in this forum will be highly moderated. Those not meeting the following rules will be moved or deleted.

 

1. Questions must be of a general nature and not about specific cases.

Other members of the site are more than able to answer this.

 

Many persons going through this process have shown low income to NO income, they simply get a co-sponsor who has sufficient income.

 

Or your other option is to add assets to the mix, assets need to be at least 3 times the shortfall in reported income, that is if income were 1000 short of the 125% povertyline then $3000 in liquid assets will be needed.

 

From I-864

Only assets that can be converted into cash within one year and without considerable hardship or financial loss to the owner may be included. The owner of the asset must include a description of the asset, proof of ownership, and the basis for the owner's claim of its net cash value.

 

You may include the net value of your home as an asset. The net value of the home is the appraised value of the home,minus the sum of any and all loans secured by a mortgage,trust deed, or other lien on the home. If you wish to include the net value of your home, this, you must include documentation demonstrating that you own it, a recent appraisal by a licensed appraiser, and evidence of the amount of any and all loans secured by a mortgage, trust deed, or other lien on the home. You may not include the net value an automobile unless you show that you have more than one automobile, and at least one automobile is not included as an asset.

http://www.uscis.gov/files/form/I-864.pdf Edited October 24, 2008 by dnoblett (see edit history)

[William Lee]

Same type of question but I have NO wages for income because

I have not worked in over 6 years.

 

I do not want to get a co-sponsor because if something happens between me and my wife I do NOT want my friend to pay for her support. In other words, I don't want my friends to get involved and I don't trust my wife fully. I have heard of too many stories of scams in China.

 

I was wonder if $100,000 USD in a bank CD and $100,000 USD of what's left in my mutual funds, and 35,000 of my IRA account is enough for assets. A house with equity of about $600,000. I still own

about $110000 on the house. I am renting the upper portion of my house to other people. Are these amounts fine for NVC with NO income.

 

 

I was told it will bring a red flag by NVC for AOS I-864 because have NO wages for income.

 

Any suggestions .....

Edited January 12, 2009 by William Lee (see edit history)

[Sebastian]

Don't confuse W-2 income with what you reported last year on your income tax return.

 

Also- assets are counted - That bank CD , imo, should be fine.

 

IF you need a hard reality check for 'hard assets' - go to a CPA friend, have him prepare a certified asset statement.

[Guest jin979]

Same type of question but I have NO wages for income because

I have not worked in over 6 years.

 

I do not want to get a co-sponsor because if something happens between me and my wife I do NOT want my friend to pay for her support. In other words, I don't want my friends to get involved and I don't trust my wife fully. I have heard of too many stories of scams in China.

 

I was wonder if $100,000 USD in a bank CD and $100,000 USD of what's left in my mutual funds, and 35,000 of my IRA account is enough for assets. A house with equity of about $600,000. I still own

about $110000 on the house. I am renting the upper portion of my house to other people. Are these amounts fine for NVC with NO income.

 

 

I was told it will bring a red flag by NVC for AOS I-864 because have NO wages for income.

 

Any suggestions .....

 

 

you dont trust your wife ?

 

good start

[warpedbored]

Same type of question but I have NO wages for income because

I have not worked in over 6 years.

 

I do not want to get a co-sponsor because if something happens between me and my wife I do NOT want my friend to pay for her support. In other words, I don't want my friends to get involved and I don't trust my wife fully. I have heard of too many stories of scams in China.

 

I was wonder if $100,000 USD in a bank CD and $100,000 USD of what's left in my mutual funds, and 35,000 of my IRA account is enough for assets. A house with equity of about $600,000. I still own

about $110000 on the house. I am renting the upper portion of my house to other people. Are these amounts fine for NVC with NO income.

 

 

I was told it will bring a red flag by NVC for AOS I-864 because have NO wages for income.

 

Any suggestions .....

Your assets seem sufficient but what disturbs me is your comment

don't want my friends to get involved and I don't trust my wife fully. I have heard of too many stories of scams in China.

If this is truely the case then I suggest you put the visa on hold until you are sure.

[Guest Tony n Terrific]

Same type of question but I have NO wages for income because

I have not worked in over 6 years.

 

I do not want to get a co-sponsor because if something happens between me and my wife I do NOT want my friend to pay for her support. In other words, I don't want my friends to get involved and I don't trust my wife fully. I have heard of too many stories of scams in China.

 

I was wonder if $100,000 USD in a bank CD and $100,000 USD of what's left in my mutual funds, and 35,000 of my IRA account is enough for assets. A house with equity of about $600,000. I still own

about $110000 on the house. I am renting the upper portion of my house to other people. Are these amounts fine for NVC with NO income.

 

 

I was told it will bring a red flag by NVC for AOS I-864 because have NO wages for income.

 

Any suggestions .....

William you are not off to a good start if you do not trust your wife. IMHO I would back up a tad and punt. Marriage and friendships are built on trust and mutual repect for each other. No trust = No relationship.

Edited January 12, 2009 by Tony n Terrific (see edit history)

[Randy W]

Don't confuse W-2 income with what you reported last year on your income tax return.

 

Also- assets are counted - That bank CD , imo, should be fine.

 

IF you need a hard reality check for 'hard assets' - go to a CPA friend, have him prepare a certified asset statement.

 

 

Also have him prepare an income and expense statement which would probably give a more accurate picture of your situation.

 

You have rental income. What else are you living on? If you don't know, get your accountant to tell you.l

[Sebastian]

Same type of question but I have NO wages for income because

I have not worked in over 6 years.

 

I do not want to get a co-sponsor because if something happens between me and my wife I do NOT want my friend to pay for her support. In other words, I don't want my friends to get involved and I don't trust my wife fully. I have heard of too many stories of scams in China.

 

I was wonder if $100,000 USD in a bank CD and $100,000 USD of what's left in my mutual funds, and 35,000 of my IRA account is enough for assets. A house with equity of about $600,000. I still own

about $110000 on the house. I am renting the upper portion of my house to other people. Are these amounts fine for NVC with NO income.

 

 

I was told it will bring a red flag by NVC for AOS I-864 because have NO wages for income.

 

Any suggestions .....

 

So what did you wind up preparing for the I-864 ??

[William Lee]

Don't confuse W-2 income with what you reported last year on your income tax return.

 

Also- assets are counted - That bank CD , imo, should be fine.

 

IF you need a hard reality check for 'hard assets' - go to a CPA friend, have him prepare a certified asset statement.

 

 

Also have him prepare an income and expense statement which would probably give a more accurate picture of your situation.

 

You have rental income. What else are you living on? If you don't know, get your accountant to tell you.l

 

Sorry for getting back so late. I did not know someone asked some questions.

My accountant would charge me about $100-150 to do expense statement. He's a CPA and my taxes were about $900 to do, expensive. I currently looking for someone else.

 

I asked a few people like a lawyer and a pre-legal, the said it might be a red flag. Rental income is different from earn income. The rental income is only thing I have to live on. Well, I could find a job. The amount of rental income is fine but might be a red flag.

 

As a result, we found a co-sponsor. The first one wanted some money. She was my wife's sister friend. I said NO and later her sister found someone else for th I-864.

Edited May 1, 2009 by William Lee (see edit history)

[Randy W]

Don't confuse W-2 income with what you reported last year on your income tax return.

 

Also- assets are counted - That bank CD , imo, should be fine.

 

IF you need a hard reality check for 'hard assets' - go to a CPA friend, have him prepare a certified asset statement.

 

 

Also have him prepare an income and expense statement which would probably give a more accurate picture of your situation.

 

You have rental income. What else are you living on? If you don't know, get your accountant to tell you.l

 

Sorry for getting back so late. I did not know someone asked some questions.

My accountant would charge me about $100-150 to do expense statement. He's a CPA and my taxes were about $900 to do, expensive. I currently looking for someone else.

 

I asked a few people like a lawyer and a pre-legal, the said it might be a red flag. Rental income is different from earn income. The rental income is only thing I have to live on. Well, I could find a job. The amount of rental income is fine but might be a red flag.

 

As a result, we found a co-sponsor. The first one wanted some money. She was my wife's sister friend. I said NO and later her sister found someone else for th I-864.

 

 

Well, my point was that INCOME is INCOME. Your INCOME needs to be 125% of the poverty line. If it doesn't show on your income tax, then you need to show it. But, yes, if you're sitting on your butt waiting for the rental check(s) to come in, that might be a red flag. But if you actively maintain or manage property, it wouldn't be a red flag at all

 

Yes, a co-sponsor (or the rental income, if you can figure out how to show this) overcomes the support issue, but the VO may be reluctant to approve someone who is not actively earning a living.

[Zhou Zhou]

you dont trust your wife ?

 

good start

 

 

 

Excellent point! Hummmmmmmm?