I-134 with lots of assets but low income.....question

[Gene & Susan 1]

I have been in business for myself for over 30 years. I have a photography studio as well as I own and rent several houses, Own my studio building and another building, so 2 schedule"C" on my tax return.

My "taxable" income has been rather low for the last several years, as I adjust my expenses thru the year to minimize my tax bite. In other words if I am making a lot, I spend more on the business, add new equipment, etc.

In any case, the last few years I have had a wife (now divorced) and her income is part of the tax return.

My thinking is to attach a cover letter to the tax return calling out the "net profit" on each schedule "C" with depreciation added back in, as depreciation is not actually money spent. This would get me just over the current 125% poverty level guideline..for my last tax return (2008)

In addition, I have enough money and assets in various bank accounts to exceed the 125% poverty level on that alone, plus I have quite a few pieces of real estate, and very very little dept. No consumer debt, just real estate debt and that is a fraction of the value of the property. I guess this would show on a financial statement...as "net worth".

Any other hints or tips in regards items I should consider providing along with the I-134??

Thanks in advance,

Gene McCluney

[bamspeedy 0]

You should consider having an 'accounting statement' attached, which is basically a letter from an accountant explaining your financial situation, so the VO knows to look beyond the 'net income' for the last year(s).

As far as I know it is Ok that you don't meet the poverty guidelines IF you have sufficient assets (it would be assumed you could sell the assets if $ is needed). I don't remember what that requirement is, but it is something like enough $ to live on and pay for her support for 3-5 years?).

Edited October 27, 2009 by bamspeedy

[Deputy Purple 1,294]

You can qualify on Assets alone, I think I saw the requirement was 3 times the 125% poverty amount is liquid assets. Check the instructions to be sure on the amount.