For the homeowners out there....

[mikeandjoana 1]

What are you planning to list in the real estate asset section of the I134? This economic downturn has put a lot of people in negative equity situaitions. Is it ok to not list anything? What if your tax returns say that you've paid mortgage interest? Or in my case that this has been listed as a $10,000 real estate loss in 2008 on my tax return? I'm not sure what to do. My w2 says I made $46,000 this year, but my adjusted gross federal income is listed as $32,000 on the 1040 and other forms on my tax return.

Edited February 12, 2009 by mikeandjoana

[Nik+Heather 121]

Well, I put 20% down, so I'm sort of hoping that I don't owe more than it's worth right now. I really don't see how they can put much weight on using any assets at all right now, with things so volatile!!

I make a very comfortable margin above the poverty guideline, so I intended to just leave the rest off, and only do income/employer letter/tax transcripts so I wouldn't have to gather all the info for other assets...

I've read some things that seem to indicate that that's an alright plan - if you meet the income guidelines. Maybe someone will mention if that's a bad assumption...

As you can see from my signature, I'm just barely starting out, so I'd like to know if I need to gather the other info.

[mikeandjoana 1]

thanks, anyone else?

[Sylvia_n_Joseph 3]

The house you live in usually is excluded as they don't think you would /could quickly sell it. If you have enough income you don't need to fill out the other areas. To put property down you have to figure out what the equity is which in some cases might be negative. If you are counting on the house for most of your assets don't be surprised if they ask for an appraisal

[mikeandjoana 1]

This is the only property I own and it's in another state so I don't live in it. I'm renting it out to someone. But, the rent I collect doesn't cover the mortgage and HOA payments. So, this is a negative income rental, and it's on my tax return as such. I bought the place in 2006 at the height of the real estate market in 2006.

[thepizzadude 26]

What are you planning to list in the real estate asset section of the I134? This economic downturn has put a lot of people in negative equity situaitions. Is it ok to not list anything? What if your tax returns say that you've paid mortgage interest? Or in my case that this has been listed as a $10,000 real estate loss in 2008 on my tax return? I'm not sure what to do. My w2 says I made $46,000 this year, but my adjusted gross federal income is listed as $32,000 on the 1040 and other forms on my tax return.

Does this property exist in Arizona...just quit worrying and asking about it, as has been stated in the other posts u keep making about this condo. Believe the people when they tell you IT WILL NOT MATTER DONT LIST IT you do not need it with your income. You are going to go nuts if u keep worrying about this same thing, you are well above the poverty line unless u have 3 or 4 kids you have not mentioned and it is not required that you list it, AND IT DOESNT matter if it shows up on you taxes or not IF YOU ARE NOT USING IT AS AN ASSET.

Calm down, relax, take a chill pill or whatever it is you need to do to get this OFF YOUR MIND

[Jasman0717 9]

You are way over the poverty level so you don't need to list the property

[rebeccajo 14]

Don't bother with it.

Moving to the Consular forum.

[Gary and Alla 3,694]

What are you planning to list in the real estate asset section of the I134? This economic downturn has put a lot of people in negative equity situaitions. Is it ok to not list anything? What if your tax returns say that you've paid mortgage interest? Or in my case that this has been listed as a $10,000 real estate loss in 2008 on my tax return? I'm not sure what to do. My w2 says I made $46,000 this year, but my adjusted gross federal income is listed as $32,000 on the 1040 and other forms on my tax return.

Absolutely nothing!!!! If your income is above the limits do not even mention any assets of any kind, it is absolutely NOT necessary. Doesn't matter what your tax returns say. They use GROSS income.

They use GROSS income to determine eligibility, not adjusted gross. They will use the GROSS amount listed on your w-2 PLUS any "other" income you have.

[Gary and Alla 3,694]

This is the only property I own and it's in another state so I don't live in it. I'm renting it out to someone. But, the rent I collect doesn't cover the mortgage and HOA payments. So, this is a negative income rental, and it's on my tax return as such. I bought the place in 2006 at the height of the real estate market in 2006.

OK, please listen and then stop.

NO ONE cares about your rental property, what state it is in, if it is even in the USA, how much your credit card payments are, your childhood lemonade stand, or what kind of car you have. IT DOES NOT MATTER!!! NO ONE CARES! NO ONE CHECKS!

They will look at your GROSS income, see your w-2, employment letter and that is ALL. YOU PASS!!!

IF you make a PROFIT on your rental, it will show up as rental income and be counted in your gross. If you LOSE money on the rental in will show up in your income and be deducted, and if the amount on line 22...Total income...exceeds the guidel;ines...YOU WIN!!!!!!!

Period. end of discussion.