Tax Returns required for joint sponser if they use assets?

[Marina-Del 10]

Hello again

My question is kinda similar to Mr. Man's but not similar enough, so here I go.

My parents are our joint sponsors and they plan on using their house and land (they own a farm) as the assets that will push them over the limit. Actually, their salaries make it over the limit for the size of the household, but they would prefer to list the assets.

Anyway, my mom is an accountant and she is doing all of the forms as I'm useless at that type of thing!

She wants to know that if they are using the assets to show that they have enough money, if they need to include the past tax forms as well?

I think they do, but I wanted to clarify!

Does that make sense!?

Thanks!

[New Beginnings 32]

A tax return for their most recent year of filing is required. They may choose to provide the last 3 years but they are required to provide the most recent year.

"You must provide either an IRS transcript or a photocopy

from your own records of your Federal individual income

tax return for the most recent tax year. If you believe

additional returns may help you to establish your ability to

maintain sufficient income, you may submit transcripts or

photocopies of your Federal individual income tax returns

for the three most recent years."

Hope this helps!

[Anh map 2,098]

Mom needs to know that the CO has latitude as to what is accepted as assets. In the form instructions it says: Only assets that can be converted into cash within one year and without considerable hardship or financial loss to the owner may be included. So the CO may ask for other assets in place of their primary residence.

Are you parents thinking that whatever asset is pledged is their only exposure? If so, that would be incorrect. The liability is a personal liability. If it's a privacy thing, they can send the affidavit directly to the embassy/consulate so that you and/or your spouse do not see the amount that they earn. They have to supply tax returns/proof that they have filed.

Also, you the USC spouse are the primary sponsor that would be held accountable. Only if you were not able to cover the responsibility would your parents be pursued.

Edited February 8, 2010 by Anh map

[Marina-Del 10]

Thanks guys, that answers the questions. And no, it's not a privacy thing and yes, I know I'm the primary sponsor. I've been living in Brazil for the past year and in London for the 3 years prior to that, so I haven't filed US taxes or made any income in the US for a while (and yes, I know I have to write a letter explaining that).

That's interesting about the assets needing to be turned into money if need be. The house they obviously couldn't do that...but the farm I think would definitely qualify because it's just a bunch of land sitting there and nothing is being done with it. So, for any intensive purposes, they could transform that into cash. The land by far qualifies them as co-sponsors and as I stated their salaries do too. My mom just thought it might be easier to go the asset route as opposed to the taxes route since she'd have to show lots of different taxes (my parents were divorced 2 years ago and remarried in December, so to show the past 3 years of taxes wouldn't be complicated...not just one for both of them, but two, ect).

Anyway, I'm pretty sure that gives me the answer! Thanks!

[Anh map 2,098]

Using the primary residence can be a sticking point for some CO's. Having other assets in the mix ought to give the CO more to be comfortable with regarding the affidavit.

Best of luck.

[Otto 83]

for any intensive purposes^{all intents and purposes}

...an english teacher drove me crazy with that once

[Marina-Del 10]

...an english teacher drove me crazy with that once

Yeah, I actually noticed that (and several other mistakes) in my post after I posted it and re-read it, but I was too lazy to go and edit. Anyway....I'll go back to preparing my English lesson for my class in 30 minutes

[NigeriaorBust 4,087]

And the land would have to be appraised to be used as an asset. The usable amount would be appraisal value - any outstanding mortgages. Is the farm actually separate from the parcel that the house is on ?

[Marina-Del 10]

Yes, it is legally separate. My mom legally owns the house and 5 acres around it and my dad legally owns the farm. And it was all appraised recently so that's not a problem.