i-864 questions for self-employed, with assets

[savagechair 38]

Hi there,

I've researched the i-864 issue around here for self employed and understand the nature of me being self-employed makes things complicated.

Right now my 2012 transcripts show business income of $52,000, but "total income" of $6,562. Going by total income, and not business income, I don't meet the poverty threshold.

My business has been around since 2006, and has steadily made income of at least $50,000. Since all my business is from the USA, I expect it to continue after we move.

We have cash assets well above the 3x poverty requirement, all in my husband's name (the immigrant). one of the accounts is in a country where money can be easily transferred out, and the rest are in the country of origin (Malaysia). I do not have JOINT access to these accounts.

here are my questions:

1. has anyone successfully used BUSINESS income for the i-864 petition when line 22 clearly isn't enough, but business income is?

2. Is it suggested I move some of our cash assets into my US account, to meet the 3x poverty level, in case business income is not accepted?

3. Does anyone know if moving those cash assets from my husband's (intending immigrant) accounts into MY US account presents a tax liability for me?

4. If I move the cash assets, should I still include my tax transcripts, or just go by assets only?

5. We are not able to put my name on my husband's bank assets here. But if we use them listed in the immigrant asset area, does it cause a red flag that these aren't jointly owned?

(I know, my questions are all over the place, and I appreciate willingness to sort through this with me).

This is a somewhat unusual scenario. Both my husband and I are self employed, and will easily continue to earn income after he immigrates. I also have letters from clients attesting to the nature of my work being integral to the ongoing success of their business.

Thank you in advance for assistance here!

[savagechair 38]

Additional Note: a major reason why my personal income is low isn't because of expenses/deductions, but because of foreign earned income exclusion.

[Mark88 183]

We have cash assets well above the 3x poverty requirement

It's actually 5x, see

What Cash Value of Assets is Needed?

http://travel.state.gov/visa/immigrants/info/info_3183.html#6

1. has anyone successfully used BUSINESS income for the i-864 petition when line 22 clearly isn't enough, but business income is?

It has to be your income, stated on your tax return. Business income to my knowledge won't work.

2. Is it suggested I move some of our cash assets into my US account, to meet the 3x poverty level, in case business income is not accepted?

We had no problem showing foreign cash assets, as long as an official bank statement (not a internet print out) was provided.

Also this is what I found:

---

The rule for the non-USC applicant:

Can the immigrant visa applicant count assets that he or she owns that are outside the United States, such as real estate or personal property?

Yes, under the following conditions:

• The assets must be convertible to cash within 12 months
• The applicant must show that the assets can be removed from the country where they are located. Many countries have limits on cash or liquid assets that can removed from the country
• The net value of assets is at least five times the difference between the sponsor's income and 125 percent of the poverty guideline for the household size.

http://travel.state.gov/visa/immigrants/info/info_3183.html#21

http://www.visajourney.com/forums/topic/444361-i-864-how-are-assets-computed-merged/

3. Does anyone know if moving those cash assets from my husband's (intending immigrant) accounts into MY US account presents a tax liability for me?

That will most likely depend on your business type, structure and especially how high the amount is. Best to ask your CPA about this.

4. If I move the cash assets, should I still include my tax transcripts, or just go by assets only?

You have to provide the most recent tax return (sometimes up to the last 3 years) anyway.

5. We are not able to put my name on my husband's bank assets here. But if we use them listed in the immigrant asset area, does it cause a red flag that these aren't jointly owned?

This could be the biggest problem, since USCIS could assume that is not even your husbands money. In my experience USCIS always thinks of immigration fraud when processing a case. Apparently it does happen alot, that bank accounts magically appear with enough cash and once the immigration process is done, the money disappears again. However see the information I posted above, since you are allowed to use the visa applicants (your husbands) assets.

(I know, my questions are all over the place, and I appreciate willingness to sort through this with me).

All VJers try to answer questions to the best of their knowledge (including me . However regulations can change since the last time they were posted or read. So double check it.

Thank you in advance for assistance here!

You're welcome, good luck

Edited October 18, 2013 by Mark88

[savagechair 38]

Thanks, Mark.

5x is no problem.

It has to be your income, stated on your tax return. Business income to my knowledge won't work.

Hmm my tax return is for self employed person....no entity (eg LLC). A schedule C. MY social security number is listed associated with the business. I believe, if I were in the US, the 50k (well a bit less) would show up as income for me on line 22. It does not only because my CPA does the foreign earned income credit on the taxes. It is also listed on the transcript as wages., then the foreign earned income exclusion pulls from the wages, leaving me a personal income amount of only around 6k.

We had no problem showing foreign cash assets, as long as an official bank statement (not a internet print out) was provided.

It sounds like your foreign accounts were held jointly?

This could be the biggest problem, since USCIS could assume that is not even your husbands money. In my experience USCIS always thinks of immigration fraud when processing a case. Apparently it does happen alot, that bank accounts magically appear with enough cash and once the immigration process is done, the money disappears again.

Would dated statements or history help mitigate this?

In other words, there is a substantive amount from a home sale in 2006. Following that, there are steady deposits from my husband's business over the years. So it's not magically poofed money, but it's my understanding since they cannot verify foreign accounts, it works against us with my name not on them. Do you believe transactions dated over several years will help?

Thanks again

Edited October 18, 2013 by savagechair

[Mark88 183]

It sounds like your foreign accounts were held jointly?

The foreign statement was only in my wifes name, but the US assets already fullfiled the requirement (which we weren't aware of the time), so it kind of just added to the amount.

Would dated statements or history help mitigate this?

Try to bring as much evidence as possible. You never know with USCIS or ghe Consul what you will need. Our interview that time, eventhough I went with her, was only with my wife for 5 minutes, they didn't even ask me a question and approved the green card. Friends of ours, went in for multiple hour questioning and were asked almost everything that you can imagine. It will all depend on who gets your case in the end so just be prepared to show them stuff.

Thanks again

You're welcome.