Unusual Income Issue_Please advise

[Ronnie_Jie 0]

Hello Everyone at VS

Me and my fiancée are discussing to marry soon and are considering the CR-1 process for visa. We are both very stressed because of my current income situation. I can easily support her but this visa process seems somewhat unforgiving if things are out of the ordinary.

I have been self employed in the housing/construction industry my entire life. Since the recent failure of the housing market my company has since dissolved and I am now unemployed. Currently considering starting a new business. My assets are considerable and everything I have is actually paid for. I have income from investments that will continue for many years of my life. That income is variable and as of last year it dropped to its lowest which ws slightly below the poverty line to 17k. My accountant says I can re-file last years return easily and legally adjust this but I do not know if it will throw up a red flag and cause issues for the visa process. So not sure if I should re-file.

So although I can easily support her I am not sure I can qualify by given standards. Also I was told by an attorney that if I have liquid assets/cash that can meet or exceed 5x the 125% poverty level that there will be no problem in qualifying. I can easily do this without question but I don't know if the attorney is correct. As far as other assets I own a home and I own properties in 2 states as well as several antique cars that are of extreme value. I owe no money to anyone for anything.

So my friends can any of you offer some sound advise to help us on this journey? Are we stressing for no reason or is this a really bad situation in regards to the visa? Any and all advise would be appreciated.

Thank You

[Tim/Mav 305]

Hello Everyone at VS

Me and my fiancée are discussing to marry soon and are considering the CR-1 process for visa. We are both very stressed because of my current income situation. I can easily support her but this visa process seems somewhat unforgiving if things are out of the ordinary.

I have been self employed in the housing/construction industry my entire life. Since the recent failure of the housing market my company has since dissolved and I am now unemployed. Currently considering starting a new business. My assets are considerable and everything I have is actually paid for. I have income from investments that will continue for many years of my life. That income is variable and as of last year it dropped to its lowest which ws slightly below the poverty line to 17k. My accountant says I can re-file last years return easily and legally adjust this but I do not know if it will throw up a red flag and cause issues for the visa process. So not sure if I should re-file.

So although I can easily support her I am not sure I can qualify by given standards. Also I was told by an attorney that if I have liquid assets/cash that can meet or exceed 5x the 125% poverty level that there will be no problem in qualifying. I can easily do this without question but I don't know if the attorney is correct. As far as other assets I own a home and I own properties in 2 states as well as several antique cars that are of extreme value. I owe no money to anyone for anything.

So my friends can any of you offer some sound advise to help us on this journey? Are we stressing for no reason or is this a really bad situation in regards to the visa? Any and all advise would be appreciated.

Thank You

No advice intended. This is what I see.... You have not started the process yet. Last years Taxable Income was $17.000.00. (Adjusting that Income is a Red Flag to take less deductions to show a higher gross profit which is taxable) You state: I have No Job. USCIS will look at currant income for 2011 and much more so since you have'nt filed yet, you will be looking at 2011 taxes and Currant Income for 2012 for her interview.

Liquid Assets are considered saleable in a year time frame I assume. Vehicles you own other than just one are a countable asset. Your properties are a asset as well. However, don't go by appraisals but to liquidfy if needed and their ACV (Actual Cash Value)

I might be wrong but I think your Attouney was wrong in stating 5 x 125% in liquid assets . I think its 3 x 125%.

You will need Registered Appraisals on your Personal Property and show Currant Income. Again, I might be wrong. Thats why were here.

File your Petition. It requires basic things, you have'nt even married yet.

I'm sure alot of replies will come back to you. Remember, they will look at currant income and use your assets as much as posible.

[Ronnie_Jie 0]

Thanks for the input Tim/Mav

UPDATE:

I have found out that the correct formula for "Cash or Convertible Assets" to substitute income is as follows.

For a Fiancee visa. $3 cash assets = $1 annual income (3x)

For a Spousal Visa or Adjustment of status (green card) $6 cash assets = $1 annual income (6x)

EXAMPLE:

A visa sponsor with no income, and no dependents would need to have $55,164 in Cash Assets to quality.

3 x $18,387 = $55,161

Also a combination of income and assets will work.

EXAMPLE:

If sponsors income is $10,000 per year, then he should have $25,161 cash or convertible assets to qualify. $18,387 - $10,000 = $8,387 x 3 = $ 25,161 Cash Assets needed.

[JoannaV 174]

If you have liquid assets worth over the 5x125% poverty level then you really have nothing to worry about.

Especially as you will only have to prove 3x when sponsoring a spouse. Also, you will actually only have to prove that you have assets worth 3x the difference between your income and the required income...so if your lowest income was $17,000 then you'd only need to prove about $6000 in cash.

Of course, it's also true that by the time you need to file the Affidavit of Support you will probably have filed your 2011 taxes and so be able to prove a higher income anyway.

You may want to update your profile so it shows what country your fiancee is from, as this can affect the answers to your questions.

[pushbrk 14,263]

Hello Everyone at VS

Me and my fiancée are discussing to marry soon and are considering the CR-1 process for visa. We are both very stressed because of my current income situation. I can easily support her but this visa process seems somewhat unforgiving if things are out of the ordinary.

I have been self employed in the housing/construction industry my entire life. Since the recent failure of the housing market my company has since dissolved and I am now unemployed. Currently considering starting a new business. My assets are considerable and everything I have is actually paid for. I have income from investments that will continue for many years of my life. That income is variable and as of last year it dropped to its lowest which ws slightly below the poverty line to 17k. My accountant says I can re-file last years return easily and legally adjust this but I do not know if it will throw up a red flag and cause issues for the visa process. So not sure if I should re-file.

So although I can easily support her I am not sure I can qualify by given standards. Also I was told by an attorney that if I have liquid assets/cash that can meet or exceed 5x the 125% poverty level that there will be no problem in qualifying. I can easily do this without question but I don't know if the attorney is correct. As far as other assets I own a home and I own properties in 2 states as well as several antique cars that are of extreme value. I owe no money to anyone for anything.

So my friends can any of you offer some sound advise to help us on this journey? Are we stressing for no reason or is this a really bad situation in regards to the visa? Any and all advise would be appreciated.

Thank You

The attorney is not correct but the good news is that the mistake is in the ratio. It's not 5x but really 3x. Doesn't sound like you have a problem to me.

Thanks for the input Tim/Mav

UPDATE:

I have found out that the correct formula for "Cash or Convertible Assets" to substitute income is as follows.

For a Fiancee visa. $3 cash assets = $1 annual income (3x)

For a Spousal Visa or Adjustment of status (green card) $6 cash assets = $1 annual income (6x)

EXAMPLE:

A visa sponsor with no income, and no dependents would need to have $55,164 in Cash Assets to quality.

3 x $18,387 = $55,161

Also a combination of income and assets will work.

EXAMPLE:

If sponsors income is $10,000 per year, then he should have $25,161 cash or convertible assets to qualify. $18,387 - $10,000 = $8,387 x 3 = $ 25,161 Cash Assets needed.

The ratios quoted for spouse are wrong. Its 3X, not 6x. All that said, meeting the minimum is no guarantee, but obviously you far exceed the minimum, so no sweat. Tim is also right that it will be line 22 on your 2011 tax return that is used as your baseline income.

Edited November 11, 2011 by pushbrk

[bigdog 377]

Seems like you will be ok keep looking for a job, Good Luck.