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OCman

I-864 Income borderline but plenty of assets

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Hi All:

 

I am self-employed and my 2017 tax return income is on the borderline or slightly below.  

I could have reported much more income before, but obviously I was trying to save money on taxes.  

Now I am regretting that big time.  We are currently at the NVC stage.  Here are my questions:

 

How many years of income and tax returns should I supply?  I have filed taxes for all 3 years.  

My income for all previous years were about the same.  

My 2018 income will show a decrease, so it won't help things.  

Is it too late to file amended tax return for 2017?   Will that work?  

 

I am also hoping to use my assets to qualify.   

I have well over 10 times the 125% federal poverty poverty levels for our household.   

Will that be enough for me to get me through the requirement without a sponsor?  

I heard interviews in China could be difficult.  

 

Thank you in advance for your help!  

 

 

 

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2 minutes ago, OCman said:

I could have reported much more income before, but obviously I was trying to save money on taxes. 

Wow!!!  I would not have said that......


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If the assets are liquid and you can document them, you should be fine.  If they are real estate, other than your own home, you'll need to document the value, the mortgage and count only the equity.  Study those I-864 instructions very carefully.  "Income" in this context, comes from line 22 on the first page of your 1040 forms.  

 

Note to other responders that the self employed REPORT business revenue.  "Income" is what is left over after deducting legitimate business expenses.


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7 minutes ago, pushbrk said:

If the assets are liquid and you can document them, you should be fine.  If they are real estate, other than your own home, you'll need to document the value, the mortgage and count only the equity.  Study those I-864 instructions very carefully.  "Income" in this context, comes from line 22 on the first page of your 1040 forms.  

 

Note to other responders that the self employed REPORT business revenue.  "Income" is what is left over after deducting legitimate business expenses.

I don't have to include real estate.  My liquid assets alone are over 10 times.  

But I will probably include real estate for support, because I don't want to get another sponsor.  

 

Can I use an appraisal report from one year ago?  The property value has only gone up since.  

I own my house, I have no mortgage.  But I don't know how to prove that.  Any idea?  

 

Should I submit 3 years of income numbers and 3 years of tax transcripts?  

They would show consistency, but are all just around the threshold.  

Yes, I am using the total income from line 22.  

 

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4 minutes ago, OCman said:

I don't have to include real estate.  My liquid assets alone are over 10 times.  

But I will probably include real estate for support, because I don't want to get another sponsor.  

 

Can I use an appraisal report from one year ago?  The property value has only gone up since.  

I own my house, I have no mortgage.  But I don't know how to prove that.  Any idea?  

 

Should I submit 3 years of income numbers and 3 years of tax transcripts?  

They would show consistency, but are all just around the threshold.  

Yes, I am using the total income from line 22.  

 

I wouldn't bother with the house.  It's not considered liquid anyway.

 

You MUST report three years of income from three tax returns.  Have you even read the form, much less the instructions?

 

You MUST submit one tax return or tax return transcript.  I usually advise the self employed to submit all three though.  It can't hurt, because you already gave them the numbers and signed under penalty of perjury.


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16 minutes ago, pushbrk said:

I wouldn't bother with the house.  It's not considered liquid anyway.

Not liquid?  If priced at market value, my house can be easily sold in a couple months.  

 

My income is on the borderline, so I need all the support I can get.  

How would I demonstrate that I have no mortgage on the property?

 

16 minutes ago, pushbrk said:

 

You MUST report three years of income from three tax returns.  Have you even read the form, much less the instructions?

If you read the instruction pdf, it says, Note:  Do not leave the boxes for Item Number 24.a. blank. 

The instruction pdf says nothing about 24.b and 24.c.   

But I will provide the numbers to show consistency.  

 

16 minutes ago, pushbrk said:

You MUST submit one tax return or tax return transcript.  I usually advise the self employed to submit all three though.  It can't hurt, because you already gave them the numbers and signed under penalty of perjury.

Okay, thanks for your advice.  So you would not recommend amending tax return in my case?  

 

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Posted (edited)
11 minutes ago, OCman said:

Not liquid?  If priced at market value, my house can be easily sold in a couple months.  

 

My income is on the borderline, so I need all the support I can get.  

How would I demonstrate that I have no mortgage on the property?

 

If you read the instruction pdf, it says, Note:  Do not leave the boxes for Item Number 24.a. blank. 

The instruction pdf says nothing about 24.b and 24.c.   

But I will provide the numbers to show consistency.  

 

Okay, thanks for your advice.  So you would not recommend amending tax return in my case?  

 

Liquid, by the definition found in those instructions you haven't read carefully enough yet.

I don't know how to demonstrate that. It's part of the reason I wouldn't bother with it.

There are flaws in the instructions.  That's one of them.  Complete 24 a, b, and, c.

Amend it if it will make a significant improvement, AND you have time to get a Tax Return Transcript before providing the affidavit.  Otherwise it just looks like you are contriving a way to show a bigger income.  If you do have time, then sure.  Note: that any additional tax liability need not be paid with the amendment, if you are going to amend it back again after your immigration process is complete.  That could be flag to the IRS, but certainly within your rights.  It's a judgment call only YOU can make.

 

Remember it is THEIR opinion about "undue hardship" that counts, not mine or yours.  Selling your primary residence to support your family IS considered an undue hardship to the sponsor and/or their family.

Edited by pushbrk

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12 minutes ago, pushbrk said:

There are flaws in the instructions.  That's one of them.  Complete 24 a, b, and, c.

Amend it if it will make a significant improvement, AND you have time to get a Tax Return Transcript before providing the affidavit.  Otherwise it just looks like you are contriving a way to show a bigger income.  If you do have time, then sure.  Note: that any additional tax liability need not be paid with the amendment, if you are going to amend it back again after your immigration process is complete.  That could be flag to the IRS, but certainly within your rights.  It's a judgment call only YOU can make.

Amending tax in this case just involves the removal of some deductions/expenses.     

Paying additional tax is worth it if my wife can come and live with me.  

 

Can I just submit the amended tax return, instead of waiting for the amended tax transcript?  

 

 

12 minutes ago, pushbrk said:

 

Remember it is THEIR opinion about "undue hardship" that counts, not mine or yours.  Selling your primary residence to support your family IS considered an undue hardship to the sponsor and/or their family.

Showing them that I own a house free and clear is another way to reduce their concern about my finances, since I don't have to pay any rent or mortgage. 

Owning a house free and clear is effectively like adding the rent to my current income.  

It doesn't mean that I have to sell it.  I can also rent it out later as a source of income.  

 

How do I show that I have no mortgage or trust deed or other lien on a property?  

 

 

 

 

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4 hours ago, OCman said:

 

Can I just submit the amended tax return, instead of waiting for the amended tax transcript?  

 

You CAN but it will look contrived, compared to a transcript.  Have you SEEN an amended return?  When you do, you'll understand.


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If your liquid, aka cash in the bank, are 10 times the poverty guidelines then just include bank statements showing the cash in there over a period of a year or so and forget the house.  


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18 hours ago, OCman said:

Showing them that I own a house free and clear is another way to reduce their concern about my finances, since I don't have to pay any rent or mortgage. 

 

How do I show that I have no mortgage or trust deed or other lien on a property?  

 

 

 

 

Im in the same boat as this.. I also for 2017 taxes made 6k over the the 125% Federal poverty and was told only to supply 2017 tax forms.

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