HELP about co-sponsor tax return!!!

[Tanoushka 7]

Hi everyone!

I hope someone can help...

Our co-sponsor will be my fiance's dad. He owns a business which made a loss last year and the tax returns shows a negative income (even though he "earned" sufficient money but his shares in the business dragged him down). However, he has savings and other assests that are worth more than enough. My question is will they even look at the other proofs or will the tax return be the only document that will matter to them??

thanks in advance

[Gary and Alla 3,694]

Hi everyone!

I hope someone can help...

Our co-sponsor will be my fiance's dad. He owns a business which made a loss last year and the tax returns shows a negative income (even though he "earned" sufficient money but his shares in the business dragged him down). However, he has savings and other assests that are worth more than enough. My question is will they even look at the other proofs or will the tax return be the only document that will matter to them??

thanks in advance

This is not unusual for businesses in the US. It is often the GOAL of business to "lose money" on a tax return. Such things as depreciation and other "paper losses" can eliminate any "profit" and also eliminate any tax associated with that. One can be quite well off and pay no tax. It is all perfectly legal, but it make it difficult to prove an income for things such as this, which most people will never do.

There are a couple ways around this. Assets is one, Assets must be at 3 times the needed income and have to be documented.

Another way is to use current income which is usually given far more "weight" He would attach last years tax return, which has little to do with if he qualifies now, and a "current profit and loss" statement showing currtent income so far this year. Such things would not include depreciation (necessarily) as those theings are often considered only when filing taxes later. He can decide what is better or easier for him.

[Tanoushka 7]

This is not unusual for businesses in the US. It is often the GOAL of business to "lose money" on a tax return. Such things as depreciation and other "paper losses" can eliminate any "profit" and also eliminate any tax associated with that. One can be quite well off and pay no tax. It is all perfectly legal, but it make it difficult to prove an income for things such as this, which most people will never do.

There are a couple ways around this. Assets is one, Assets must be at 3 times the needed income and have to be documented.

Another way is to use current income which is usually given far more "weight" He would attach last years tax return, which has little to do with if he qualifies now, and a "current profit and loss" statement showing currtent income so far this year. Such things would not include depreciation (necessarily) as those theings are often considered only when filing taxes later. He can decide what is better or easier for him.

Thank you, your answer is muchly appreciated!

My fiance says I'm over-thinking this and they need a proof of his dad's worth and not the tax return...I guess his right. This can be so stressful...*sigh*

and we can get all the documents for his assets

[payxibka 10,044]

moving thread to:

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