I-134 and owning a house in another state. I owe more than it's worth

[Gary and Alla 3,694]

So does this make sense for my situation:

I'm using the 2007 tax returns. Won't be filing 2008 for a little while.

In 2007, I worked for Home123, which was a retail mortgage company. I was a w2 employee. The company went Bankrupt, and shut down in April.

From Home123, I went to a mortgage broker, which means that I became self employed 1099.

From Home123, I show $20,049 worth of income.

From being self employed, I show $22,089 (net profit, after the usual self employment deductions).

Should I just add those together and call that my annual income, $42,138? I'm sure that 2008 (although be a slow crappy year) is inline, and I'll get a letter from my employer, and I can show 6k in commission checks from last month (we get paid per loan on a weekly basis).

So I guess if this is how it works, I can leave the assets blank. I could show my IRA rollover which has 30k or so, if I don't have to, I won't. The path of least resistance is best!

No. The statement is "I am employed and have a current annual income of _________________" and asks about your employment. What is your current annual income? It does not ask what you made last year, THAT would be 42,000. At this point in the year, February, you couold reasonably assume you will make about the same. Since you are now a 1099 (self employed) I would be sure to include your 2008 returns, I doubt they will settle for only the 2007 for a, now, self employed, person. Were it me, I would do this....

Complete your 2008 tax return today, if you owe money you do not have to send it now. You can complete the return, file it and pay the tax by April 15.

Answer the question using your annual income from 2008, about $42,000. Attach the tax return, attach a bank letter verifying the last 12 months deposits, that should about do it.