I-134 Question Using Property

[canon 0]

Hi everyone, New to the forum after I was advised to join.

I'll be starting the K1 visa process soon on my Ukrainian Fiance and would like some info on the I-134, and probably a lot more questions later.

I'm self-employed and own my family business of many years and I have no problems what so ever meeting the support requirements.

I was returning from Ukraine recently and was listening with my worn out mind to a couple guys talking about their affidavit of support. One guy said he was self employed and used property instead of his income.

I got to thinking about this and decided I think I would like to do this also. I've got property valued around 200K that is debt free with only the yearly property taxes having to be paid.

How do I go about doing this instead of using my income ?

Thanks

Canon

[Gary and Alla 3,694]

Hi everyone, New to the forum after I was advised to join.

I'll be starting the K1 visa process soon on my Ukrainian Fiance and would like some info on the I-134, and probably a lot more questions later.

I'm self-employed and own my family business of many years and I have no problems what so ever meeting the support requirements.

I was returning from Ukraine recently and was listening with my worn out mind to a couple guys talking about their affidavit of support. One guy said he was self employed and used property instead of his income.

I got to thinking about this and decided I think I would like to do this also. I've got property valued around 200K that is debt free with only the yearly property taxes having to be paid.

How do I go about doing this instead of using my income ?

Thanks

Canon

Not a good idea, neither using property nor listening to people that have never done it.

If your income exceeds the guidelines you do not even have to mention property and it is very easy, you are done. Fini.

If you use property you must have statements showing any amount owed and professional appraisals showing value. Saying you have property valued at $200 K won;t get it. You have to PROVE it. If the property is your primary residence they will not count it, it cannot be sold without substantial harm to the family...besides you have to replace it anyway.

If your income exceeds the guidelines by a few dollars you are good to go. Leave the rest blank. You get no extra points for having assets if you don't need them.

SOME self employed people deduct all the revenue of their business as expenses or costs, depreciation, etc. This leaves them with -0- income and they do not pay tax or self employment tax. It also means they have no income and cannot qualify for an affidavot of support. This leaves them no option but to use assets or a co-sponsor. Avoid using property assets if possible, it is just a whole 'nother can of worms you do not need.

But to answer your question...assets count for 1/3 for the affidavit so $200K will get the job done. Simply fill out the form and attach your appraisal and some statement or evidence that it is free of debt

Edited April 29, 2011 by Gary and Alla

[canon 0]

Thanks for your reply and the information. I think after reading your reply I'll just go with the income and not use the property.

Your help was valuable to me and I think you.

Canon

[Anh map 2,098]

The income amount used is line 22 from your most recent form 1040.