Question 7 on I-134 Affidavit of Support

[hoosier dady 0]

Question 7 in which it states:

"I have other personal property, the reasonable value which is:" - It is kind of a broad statement. Do i consider everything I own and make an approximation of the total value? I assume it is much more exclusive than that but I have no idea to what extent.

[Jamie76 0]

It is pretty broad and I don't even think you need to factor this in from what I understand. You can add your less liquid assets here...things like vehicles, furniture, appliances etc. It's an approximation.

[Dan J 277]

If your income is sufficient on its own to meet the guidelines you don't have to disclose assets or any other category on the form. However, if you do, you will need to include documentation to support it.

[lucho562 0]

Better not to include it if you already qualify with your income.

[Yodrak 7]

hoosier dady,

Yes, it is a broad statement - intentionally so. It gives a lot of freedome to demonstrate financial resources.

Report whatever you want to report, but keep in mind that you need to be able to turn it into cash in a fairly short period of time. You probably wouldn't be willing and able to sell everything you own.

Yodrak

Question 7 in which it states:

"I have other personal property, the reasonable value which is:" - It is kind of a broad statement. Do i consider everything I own and make an approximation of the total value? I assume it is much more exclusive than that but I have no idea to what extent.

[bora bora 1]

I didn't bother with that since I earn enough.

[Bobbie 1]

I think for some people, especially self employed types who didnt realize they were filing the I-134 when they did their taxes, this could be an excellent life saver.

Think upon it.

If you earned say, 50K and you write it all off so you end up with an AGI of 10,000. You fall short. However, if you have a free and clear boat that the blue book value is 15,000 and you have furniture, big screen, and a second car (free and clear) worth 15,000, then why would you not use it?

If the assets must be 5 times more than you need, and if the 10,000 is basically 4000 short of 100% on a family of 2, then the assets needed would be 20,000. The 30K of normal assets that are fairly liquid (within 1 year can be sold), would save the bacon of having to "amend the taxes, and lose a legitimate deduction".

Just one to Grow On.

You know what they say, it isn't how much you make, it is how much you keep.

Edited May 28, 2007 by Bobbie