i 864 real estate questions

[beautifulplaces 0]

Hi everyone, just looking for a little bit of advice. I'm getting together everything for the K1 AOS and have a few questions about I-864 and would be appreciative of any thoughts anyone has.

My husband's income is over the 125% poverty mark but only by a few thousand, and only for this current year and last year, the previous two he was well below. As a safety net (and because I can) I wanted to include a property asset. He and I own a house together here in the US. Two questions regarding that:

1. We bought the house 6 months ago, we are very lucky and the money for the house was a gift from my parents so we don't owe anything on it. Would documents showing the price we paid for the house be enough since it was so recent or would we still need an evaluation?

2. The house is in both of our names. Do we divide the value in half and put half in 7.1 (his assets) and half in 7.7 (my assets)? I was going to fill out the section on my assets because I have some money and shares in Australia.

Or is someone going to tell me that all this is unnecessary because my husband is over the income line for this year? Maybe the fact he's self-employed is relevant too?

Thanks in advance for any advice.

Jess

[florida4life 29]

no its not needed and will complicate things.

[lost_at_sea 995]

You only need to complete the assets section if you are using it because the income is not enough. You can just leave all the assets stuff blank.

http://www.uscis.gov/sites/default/files/files/form/i-864instr.pdf

See Part 7 "Use of assets to supplement income" section of the instructions.

[florida4life 29]

Hi everyone, just looking for a little bit of advice. I'm getting together everything for the K1 AOS and have a few questions about I-864 and would be appreciative of any thoughts anyone has.

My husband's income is over the 125% poverty mark but only by a few thousand, and only for this current year and last year, the previous two he was well below. As a safety net (and because I can) I wanted to include a property asset. He and I own a house together here in the US. Two questions regarding that:

1. We bought the house 6 months ago, we are very lucky and the money for the house was a gift from my parents so we don't owe anything on it. Would documents showing the price we paid for the house be enough since it was so recent or would we still need an evaluation? No you need to show value of the house not what you paid for it. You got to go get papers to say what it is valued.

2. The house is in both of our names. Do we divide the value in half and put half in 7.1 (his assets) and half in 7.7 (my assets)? I was going to fill out the section on my assets because I have some money and shares in Australia.

Or is someone going to tell me that all this is unnecessary because my husband is over the income line for this year? Maybe the fact he's self-employed is relevant too? He got to show his self employed taxes and schedules from tax transcript why you want to make things difficult for yourself

Thanks in advance for any advice.

Jess

[beautifulplaces 0]

Thanks for your quick answers! I had a feeling everyone would say I was making things hard for no reason. I guess I just wanted them to know we're more financially secure than it looks based on my husband's income.

Am I right that worst case scenario (which I know is unlikely) is that they'd come back asking for more info and we could supply evidence of the additional assets then?

[lost_at_sea 995]

Thanks for your quick answers! I had a feeling everyone would say I was making things hard for no reason. I guess I just wanted them to know we're more financially secure than it looks based on my husband's income.

Am I right that worst case scenario (which I know is unlikely) is that they'd come back asking for more info and we could supply evidence of the additional assets then?

Yeah, they'd bounce it back to you to redo. Unlikely if the income is well over the 125%.

[KayDeeCee 4,896]

If self-employed and the income showing on line 22 of the 1040 for the most recent year is above the income requirement, then no need for assets. It will be helpful to show that the previous 2011 income was also above the requirement. I think providing those last 2 years of tax returns/transcripts should do it.

Assets need to be liquified within a year without hardship. They may not even accept a house as an asset if you needing to sell it would leave you homeless. That is a definite hardship. Also, if using a house as an asset, you need to get a professional appraisal and provide all the proof of ownership and liens against it to get the net value that would be used.

[beautifulplaces 0]

Thanks for your reply Jay-Kay.

Because he obviously hasn't filed a tax return for 2013 yet, all I have is a spread sheet with projects and paid amounts written on it. That year is over the income requirement by a few thousand.

For 2012 I have his 1040 with a Schedule C showing profit and loss. That year is over the income requirement by about a thousand.

In 2011 however his income was a few thousand below the requirement and this is where I'm a bit nervous. Same for 2010.

I have shares and a significant amount of money as cash in term deposits, both in Australia. Given there is a section where I can declare my assets, perhaps I could include that info and forget about the house?

Thanks for any advice you might have.

[KayDeeCee 4,896]

His most recent shows that he is above the requirement, so you should be good to go with that. You can provide whatever proof you have of the current income, but they will likely base it upon the 2012 income that shows on his taxes. He is above the requirement, but you are free to list your assets as well. Showing more than necessary cannot hurt. He can just fill out that part of the I-864 that talks about using assets of the intending immigrant, and no other form needs to be filled out, as your income/assets can be listed on his I-864.