Affidavit of Support - Does Rental Passive Income Count?

[mandam 0]

I am currently putting together the AoS documents to send to sponsor my husband.

My current W-2 wages is under the federal poverty level. However, I do have enough assets to cover the minimum amount (if I go the asset route).

I noticed the instructions do say that distributions from retirement, stocks, etc are okay. It doesn't mention income from rental properties specifically (it only mentions property later on as perhaps a non-earning asset).

My question is if passive income from rental properties count as the income I can report in the "Part 6. Sponsor's Employment and Income"? The amount from passive income alone is enough to cover the minimum income requirement. And the properties are listed in my taxes as rentals. However I do not receive any W-2 or any other forms for them (just the Schedules needed for rental properties) because they are personal property (not run separately as a business). Also due to depreciation and renovations deductions, the properties essentially don't really factor in as "taxable income" after all the deductions are made.

If I can report my passive income from rental properties, then I don't have to go through all the hassle of verifying the value of my assets. Does anyone know if this is okay to do?

[traveler100 20]

I am currently putting together the AoS documents to send to sponsor my husband.

My current W-2 wages is under the federal poverty level. However, I do have enough assets to cover the minimum amount (if I go the asset route).

I noticed the instructions do say that distributions from retirement, stocks, etc are okay. It doesn't mention income from rental properties specifically (it only mentions property later on as perhaps a non-earning asset).

My question is if passive income from rental properties count as the income I can report in the "Part 6. Sponsor's Employment and Income"? The amount from passive income alone is enough to cover the minimum income requirement. And the properties are listed in my taxes as rentals. However I do not receive any W-2 or any other forms for them (just the Schedules needed for rental properties) because they are personal property (not run separately as a business). Also due to depreciation and renovations deductions, the properties essentially don't really factor in as "taxable income" after all the deductions are made.

If I can report my passive income from rental properties, then I don't have to go through all the hassle of verifying the value of my assets. Does anyone know if this is okay to do?

If you're not declaring income from these properties on your tax returns then NO. I understand depreciation is a add-back non cash expense for bankers who analyze your income tax return for a loan but remember the COs at embassy are no accountants. They wouldn't even bother adding your assets if they're in multiple accounts or multiple properties. They want things cut and dry. One account reflecting the sum of all the assets that may cover the support. 3x income requirement if sponsoring a spouse (5x for sponsoring other family members). In your case if there are no other dependents in your household then you'd need 1 property appraised at at least $60,000 clear of any loans on it. ie. $60,000 in equity. otherwise $60,000 in cash sitting for at least six months in ONE bank account. keyword ONE account. I tried doing this using multiple accounts, it didn't work.

Otherwise, just get a joint sponsor. Someone who earns enough on w2. Collect their passport (copy), w2's, 2 paystubs, job letter, and 3 years tax return transcripts and send that in with a new i864 for the joint sponsor and it'll be done.

[mandam 0]

I do declare the full income from the properties which is listed on a Schedule E, but after depreciation (of the building itself) and deductions for renovations...the total rental real estate and royalty income (or loss) comes out to something negligible...and thus doesn't really add anything onto the main page of my Tax Return (Form 1040). However I did receive substantial rental income and I chose to do the renovations (and deduct them as a rental expense, etc.). This is great as I don't have to pay more additional taxes than I already do on the properties to the IRS. However, it is not very "clear cut and dry" if someone has never seen a Schedule E (Form 1040) before. :/

Thanks traveler100 for the insights and the tips. It makes sense that the people looking at my support document want something very obvious, and the little extra trouble to go through right now might save me a delay later if they're asking for an explanation. I'd consider a joint sponsor, but they people I know are pretty much always waiting until October to file lol. If we can submit three years back from 2014, we'd be good to go (anyone know a definite answer to this considering that 2015 is the most recent tax year?)

Unless anyone has experience submitting this information and being able to highlight the Schedule E with the rental income on it, it seems like I might just have to get an assessment of my assets.

[Bosna1234 17]

If you're not declaring income from these properties on your tax returns then NO. I understand depreciation is a add-back non cash expense for bankers who analyze your income tax return for a loan but remember the COs at embassy are no accountants. They wouldn't even bother adding your assets if they're in multiple accounts or multiple properties. They want things cut and dry. One account reflecting the sum of all the assets that may cover the support. 3x income requirement if sponsoring a spouse (5x for sponsoring other family members). In your case if there are no other dependents in your household then you'd need 1 property appraised at at least $60,000 clear of any loans on it. ie. $60,000 in equity. otherwise $60,000 in cash sitting for at least six months in ONE bank account. keyword ONE account. I tried doing this using multiple accounts, it didn't work.

Otherwise, just get a joint sponsor. Someone who earns enough on w2. Collect their passport (copy), w2's, 2 paystubs, job letter, and 3 years tax return transcripts and send that in with a new i864 for the joint sponsor and it'll be done.[/quote

wanted to aska question you saod here in this post

a joint sponsor who earns enough what if a person has there own company what then ???