Does passive income qualifies as income?

[IloveDanang 38]

Hi all,

 

1st post.  I was curious to know if passive income qualifies as income.  I used to be a corporate accountant until early 2014.  Ever since, I've been getting money from my rental properties.  Based on my 2017 tax return, I netted above 24k in income after depreciation.  Would this qualify me for the required income above poverty level?  I'm just trying to bring my spouse over from Vietnam.  

 

Anyway, I have a ton of equity in my units.  

[payxibka 10,045]

Just now, IloveDanang said:

Hi all,

 

1st post.  I was curious to know if passive income qualifies as income.  I used to be a corporate accountant until early 2014.  Ever since, I've been getting money from my rental properties.  Based on my 2017 tax return, I netted above 24k in income after depreciation.  Would this qualify me for the required income above poverty level?  I'm just trying to bring my spouse over from Vietnam.  

 

Anyway, I have a ton of equity in my units.  

Income is income

[IloveDanang 38]

Just now, payxibka said:

Income is income

got it, Thanks.  But let's say if  I need to provide the required assets, how would I go about that?  Do I need to get an appraisal for my properties?

[payxibka 10,045]

1 minute ago, IloveDanang said:

got it, Thanks.  But let's say if  I need to provide the required assets, how would I go about that?  Do I need to get an appraisal for my properties?

Zillow?

[IloveDanang 38]

Just now, payxibka said:

Zillow?

That would save me a few hundred bucks.  I just thought that dept of state or consulate officer would require something more formal.  

 

[payxibka 10,045]

3 minutes ago, IloveDanang said:

That would save me a few hundred bucks.  I just thought that dept of state or consulate officer would require something more formal.  

 

I heard they prefer Trulia.. 

 

Other choice might be property tax statements if they list an assessed value

Edited May 7, 2018 by payxibka

[IloveDanang 38]

14 minutes ago, payxibka said:

I heard they prefer Trulia.. 

 

Other choice might be property tax statements if they list an assessed value

 That's a good source.  And bring my most current mortgage statements with the remaining loan amount on it.  Subtract loan amount from home value to get the net asset.   

[pushbrk 12,883]

Income appears on line 22 of the 1040.  If that number qualifies, there is no need to even complete the asset portion of the form, much less document any assets.

[IloveDanang 38]

8 hours ago, pushbrk said:

Income appears on line 22 of the 1040.  If that number qualifies, there is no need to even complete the asset portion of the form, much less document any assets.

That's good to hear.  Line 22 qualifies.  

[David & Diana R 1,005]

23 hours ago, IloveDanang said:

Hi all,

 

1st post.  I was curious to know if passive income qualifies as income.  I used to be a corporate accountant until early 2014.  Ever since, I've been getting money from my rental properties.  Based on my 2017 tax return, I netted above 24k in income after depreciation.  Would this qualify me for the required income above poverty level?  I'm just trying to bring my spouse over from Vietnam.  

 

Anyway, I have a ton of equity in my units.  

If you have declared the income on your Federal income taxes for the past three years you should have no problem.  Passive income???  Never heard of that.  Unless of course you mean you have passed on filing taxes.  If that's the case you're in a heap of trouble.

Edited May 8, 2018 by David & Zoila

[pushbrk 12,883]

Just now, David & Zoila said:

If you have declared the income on your Federal income taxes for the past three years you should have no problem.  Passive income???  Never heard of that.

Passive income refers to interest, investments, trust funds, etc.  Rental income is not necessarily passive, but if "income" appears on line 22, then it is "income" in this context.

[IloveDanang 38]

3 minutes ago, David & Zoila said:

If you have declared the income on your Federal income taxes for the past three years you should have no problem.  Passive income???  Never heard of that.  Unless of course you mean you have passed on filing taxes.  If that's the case you're in a heap of trouble.

 

I filed these rental income for the past 3 years.  2015 and 2016, I did not qualify above 125% poverty level.  2017, I netted above 24k and paid my tax liability (federal and state).

[ShanghaiSurfer 135]

I used my property tax for real estate valuation since assessed by government. 

[IloveDanang 38]

3 minutes ago, ShanghaiSurfer said:

I used my property tax for real estate valuation since assessed by government. 

 

Do I bring these property valuation documents to the interview?  Or is it submitted to NVC?

[pushbrk 12,883]

26 minutes ago, IloveDanang said:

 

Do I bring these property valuation documents to the interview?  Or is it submitted to NVC?

Submit to NVC with the affidavit of support.  The interview is for the visa applicant, not you.