Slightly out of the ordinary I-134 question.

[Thingee 0]

I'm worrying quite far in advance, which for me is very ordinary. We're going to be going through the London embassy for a K-1 visa.

If self-sponsoring does he need to show liquid assets enough to support everyone that an I-134 would have to support? (I've got lots of little tax deductions running around)

I'm a self-employed contractor for a newspaper. Meaning I'm a paper lady, which means my taxes look a bit bizarre...I get a HUGE mileage deduction each year from my dear old Uncle Sam, but it also makes my income look much much lower(great for taxes, sucks for about everything else). I'm assuming that I file gross income on I-134, not net..if incorrect please don't hesitate to call me an idiot.

I own a home, in which I have a good amount of equity. I assume this can only help, but can it be used to help round out the I-134 and any shortfalls in it? If so, would I need a new appraisal, or just my word that it's worth 'x'?

Thanks in advance.

[payxibka 10,045]

I'm worrying quite far in advance, which for me is very ordinary. We're going to be going through the London embassy for a K-1 visa.

If self-sponsoring does he need to show liquid assets enough to support everyone that an I-134 would have to support? (I've got lots of little tax deductions running around)

I'm a self-employed contractor for a newspaper. Meaning I'm a paper lady, which means my taxes look a bit bizarre...I get a HUGE mileage deduction each year from my dear old Uncle Sam, but it also makes my income look much much lower(great for taxes, sucks for about everything else). I'm assuming that I file gross income on I-134, not net..if incorrect please don't hesitate to call me an idiot.

I own a home, in which I have a good amount of equity. I assume this can only help, but can it be used to help round out the I-134 and any shortfalls in it? If so, would I need a new appraisal, or just my word that it's worth 'x'?

Thanks in advance.

Actually I think they are more likely to look at adjusted gross income.

[Jersey Girl 2]

For the I-134, they're looking at the sponsor only (the USC). If that's you, then your gross income will be supported by evidence from the IRS (tax transcripts). If you have assets, such as the value of your home, and bank accounts, those count, too.

tips

[meauxna 15]

I'm worrying quite far in advance, which for me is very ordinary. We're going to be going through the London embassy for a K-1 visa.

If self-sponsoring does he need to show liquid assets enough to support everyone that an I-134 would have to support? (I've got lots of little tax deductions running around)

I'm a self-employed contractor for a newspaper. Meaning I'm a paper lady, which means my taxes look a bit bizarre...I get a HUGE mileage deduction each year from my dear old Uncle Sam, but it also makes my income look much much lower(great for taxes, sucks for about everything else). I'm assuming that I file gross income on I-134, not net..if incorrect please don't hesitate to call me an idiot.

I own a home, in which I have a good amount of equity. I assume this can only help, but can it be used to help round out the I-134 and any shortfalls in it? If so, would I need a new appraisal, or just my word that it's worth 'x'?

Thanks in advance.

I understand your dilemma with being self employed. It's not going to go away, so while you can take advantage of London's willingness to accept a self-sponsoring K-1, remember that the I-864 is not far away---be sure to take a good look at that soon.

There is no hard and fast rule about how much money the self-sponsored need. Less than 5K quid from reports. It's basically enough money to tide him over until he gets a proper work permit/EAD.

If you want to document your own income instead of his, you need your full tax return, including the Schedule C with all those (now pesky) deductions like the mileage. You can use the equity in your property *normally* (I did) and for that you use your mortgage statement + an appraisal (if you have a current one) or a Realtor's valuation and/or your property tax statement.

[Thingee 0]

Thank you for all the replies.

In regards to how much cash he's going to have on hand....we're not exactly sure yet. He's going to be selling his flat. Lives in Watford, bought little over 10 years ago, thus has loads of equity. Yes, he's planning on selling before the visa goes through and renting something for the duration..that way he has that cash on hand at the interview. At a guess I'd estimate he'll have about 50k quid in cash.

I do have a current appraisal, but it was a government appraisal (FHA loan) and I was told they usually estimate on the low side?

[meauxna 15]

Thank you for all the replies.

In regards to how much cash he's going to have on hand....we're not exactly sure yet. He's going to be selling his flat. Lives in Watford, bought little over 10 years ago, thus has loads of equity. Yes, he's planning on selling before the visa goes through and renting something for the duration..that way he has that cash on hand at the interview. At a guess I'd estimate he'll have about 50k quid in cash.

I do have a current appraisal, but it was a government appraisal (FHA loan) and I was told they usually estimate on the low side?

If he's selling a flat in the UK, that amount is going to be enough for self sponsorship at the Embassy based on past experiences posted.

He can also use that money on the I-864, if you D/L and start reading that, regarding assets. He does not have to transfer it to the US to use it, and he should do careful planning about when and how to transfer it to maximize the exchange rate (and fees). The pound is really strong to the dollar right now, and since we get ongoing income from the UK I like to keep an eye on it.

If your home appraisal is current (in the past 6-8 months?) you can use it if you want. If you think a Realtor will give you a higher real real market value and you can get one AND you need the higher equity amount, go for it. If you are looking for less hassle and more love, skip it for the interview and start getting yoru docs ready for the I-864.

I went ahead and used the significantly lower county tax 'real market' number because it was handy to me, I was out of the US at the time and it met my needs $$wise for the affidavit.

YMMV (and be aware that there is a possiblity that your AO will not allow the equity from your primary residence to be used as sole support for your alien. That's where his money will come in handy)

OH, ps: take a tip and get him to have all his internet bankning etc set up before he leaves the UK. It's hard to do once you're here, and it's handy to have that UK bank account and instant access to the funds.

m

[TucsonBill 0]

Call a realestate agent, tell him your getting married soon and may be selling your house, but that your fiance lives in another country and you're sponsoring him yada yada.. and get the agent to do a market analysis and send you a signed letter with the market value of your home.

If you have IRA's, pension plans, other real property, include all that too.

If you show your house valuation, send along one of your most recent payment stubs if it shows the balance on our mortage, or get a payoff statement from your mortgage company.

Edited December 3, 2006 by TucsonBill

[Yodrak 7]

Thingee,

For his K visa he needs to be able to support himself only.

But when it's time for him to adjust status, which won't be all that much long after, you (and he with you) are going to need sufficient income and assets to support the Household.

Yodrak

I'm worrying quite far in advance, which for me is very ordinary. We're going to be going through the London embassy for a K-1 visa.

If self-sponsoring does he need to show liquid assets enough to support everyone that an I-134 would have to support? (I've got lots of little tax deductions running around)

.....