I-134 Income & Co-Sponsor Questions

[pilotdude 1]

Hello Vjers,

We were recently NOA2 approved (in only 85 days!) Now it's time to submit I-134, but am not sure how to proceed.

Here's my situation: My tax-preparer has not filed 2010 yet (he filed his usual extension and I won't see it until the last day possible). For 2007, 2008 and 2009 I show large losses (failed business venture, and will also show a large loss for 2010).

The good news is that I am done with that business venture and have no debt from it, I own one rental house assessed at $200k, own another rental house assessed at $150k (but have $120 mortgage on it with ten years remaining), and own the house I live in (cost $94k, paid $45k so far on a 5 yr. amortization, with 4.5 years remaining.)

I have documented rental income over many years from these two rental houses of about $4000/month and undocumented income from two tenants in my house now @ $850/month. I'm also working p/t as an independent contractor (10 to 70 hours per week @$10/hr for the last 5 months) while I finish training to start a new career as a flight instructor (which will take another 3 months to complete (and it's all paid for

I have no credit card debt, own a new 2011 car, have a credit score of 780, have about $7k in the bank, and wash my dishes after each meal.

Questions:

1) Will my large negative income reported on my taxes require a co-sponsor?

2) Will my reported rental income of $4000/month be looked similarly to W-2 income? If so, then it should be sufficient.

3) Considering my financial history, do you suggest that I get a co-sponsor now?

I'm traveling to Russia to be with my fiancee for four weeks in late October/November. I'd like to mail financial papers to her this week so that she can get a VISA Interview while I'm there.

Thanks for whatever suggestions you have!

Sincerely,

David

Edited September 26, 2011 by pilotdude

[Lisa and Ian 7]

I would say that it would be most important to have proof that you earn income over the poverty level requirement currently. Regarding your tax returns, I would suggest you attach an explanatory letter, also indicating that this venture has been closed. You may want to have a sponsor "just in case" they teeter on the financials at the interview. You don't have to give them sponsorship paperwork if they seem alright without it.

It would be good to have suggestions from others who have been through your same embassy. Ours was pretty easy (London), financially speaking, but we didn't have any potential problems, really.

Good luck with the rest of your journey!

[pilotdude 1]

I would say that it would be most important to have proof that you earn income over the poverty level requirement currently. Regarding your tax returns, I would suggest you attach an explanatory letter, also indicating that this venture has been closed. You may want to have a sponsor "just in case" they teeter on the financials at the interview. You don't have to give them sponsorship paperwork if they seem alright without it.

It would be good to have suggestions from others who have been through your same embassy. Ours was pretty easy (London), financially speaking, but we didn't have any potential problems, really.

Good luck with the rest of your journey!

Hi Lisa & Ian,

Thank you for your reply! Because I probably won't have my 2010 tax form back from my accountant soon I decided that, to be conservative, I'll get a co-sponsor.

Sincerely, David