Will i able to satisfy the I-864 requirements?

[mimikipa 0]

I am wondering if anyone has any advice before we get or NOA 2.

I am a grad student, and make over $14,820.00 a year teaching. I also receive IRA dividends that equal about $3,000 every year (but only distributed 2 x a year). That would be income correct?

I am a co-owner of a home and I own over $200,000 of it (my brother and sister own the other parts) I know you have to prove that it can be converted into cash.. How do you do that? We hope to sell it in the next year, but we don't have the time to work on it just quite yet.

I also sold stock this year almost $9,000.

Will I be able to qualify as a sponsor?

Thanks so much for any advice!!!

Edited April 10, 2011 by mimikipa

[Penguin_ie 5,997]

I am not sure you will qualify as a sole sponsor, because the house will be difficult to sell (market bad and having two other parties involved in it, so I am not sure it counts. Do you still have the $9000 in your bank account, or any other savings? If so, you'd be over the 125%, but just.

[mimikipa 0]

yes, I'm not touching the $9,000 at all.... and it technically is income, since I will have to report it and pay the taxes on it! Plus the $3,000 which is also income as I report it on taxes and pay my share.

so this year in addition to my salary of over $14,000 I had an extra $12,000 in income.

I am also finishing my PHD, not sure if they can take that into consideration... though it doesn't mean much sometimes

I am not sure you will qualify as a sole sponsor, because the house will be difficult to sell (market bad and having two other parties involved in it, so I am not sure it counts. Do you still have the $9000 in your bank account, or any other savings? If so, you'd be over the 125%, but just.

[pushbrk 13,268]

yes, I'm not touching the $9,000 at all.... and it technically is income, since I will have to report it and pay the taxes on it! Plus the $3,000 which is also income as I report it on taxes and pay my share.

so this year in addition to my salary of over $14,000 I had an extra $12,000 in income.

I am also finishing my PHD, not sure if they can take that into consideration... though it doesn't mean much sometimes

The I-864 does ask about income from past tax returns but that's informational. The real qualifier is "current income". Only the self employed would have current income matching their latest tax return. The $3,000 in dividends is definitely income but the "income" from a $9,000 sale of stock would only be the capital gain, not the full amount, unless the stock was a gift, making the cost basis zero. You'll get or now have a 1099 indicating how much of the stock sale was "income".

"Current income" is documented with pay stubs and/or employer letters, not past tax returns or non repeating unearned income like the stock sale.

With that in mind, it sounds like you can barely qualify using the $9,000 as a liquid asset. I doubt the house would be considered liquid as the choice to liquidate it, is not your alone.

[Darnell 8,479]

do you and your siblings have the house set up in a REIT? or no ?

[mimikipa 0]

do you and your siblings have the house set up in a REIT? or no ?

thanks for your reply. No, we don't have a REIT. Would that help our case? How do we prove that we will sell it in the next year?

Thanks again!

[Darnell 8,479]

The REIT is useful, IMO, solely to identify YOUR assets and YOUR cash % participation in 'that house'.

I would think , without any REIT, that if you show the 'cash trail' leading to purchase, with a deed containing your name (and others) and the appraisal report from a real estate appraiser (no, not the tax records, but those are useful as secondary evidence of value) -

then you should be able to 'paint' your financial picture.

The 'thing' about houses, is there's some assumption of 'cash value' after 'cashing out' of the house; and further - is some assumption by the adjudicators that you CAN cash out within a year of final I-864 adjudication (usually done at the Embassy IV unit) - so -

IF you are going to include the house as a listed asset for I-864 inclusion -

then remember -

it's 1/3 the amount of any cash that could be realized along with

the current appraisal along with

any legal documentation showing yer cash trail of buying in along with

any legal documentation showing your percentage of ownership.

Good Luck !

[mimikipa 0]

The REIT is useful, IMO, solely to identify YOUR assets and YOUR cash % participation in 'that house'.

I would think , without any REIT, that if you show the 'cash trail' leading to purchase, with a deed containing your name (and others) and the appraisal report from a real estate appraiser (no, not the tax records, but those are useful as secondary evidence of value) -

then you should be able to 'paint' your financial picture.

The 'thing' about houses, is there's some assumption of 'cash value' after 'cashing out' of the house; and further - is some assumption by the adjudicators that you CAN cash out within a year of final I-864 adjudication (usually done at the Embassy IV unit) - so -

IF you are going to include the house as a listed asset for I-864 inclusion -

then remember -

it's 1/3 the amount of any cash that could be realized along with

the current appraisal along with

any legal documentation showing yer cash trail of buying in along with

any legal documentation showing your percentage of ownership.

thanks so much for the advice! yes, we inherited the home, but I can show that we each have 1/3 ownership and i do have current appraisal papers, which are much higher than the actual state value!

thanks so much for your advice!

Good Luck !