RFE I-864 income and assets verification.

[FloridaMinsk 88]

Had our RFE and it was an update for our I-864.  I am a 10-99 employee, so my taxable income is always crushed down pretty low, even though my gross is pretty high.  I need to add assets just in case, should I print off bank statements?  Also I have two homes and a sizeable cash net on those.  How do I document that?   Mortgage statement and a CMA on the homes?  Or is it not necessary to document?  

 

I am a realtor and do not run my business through an LLC or corp.  

 

 

[Crazy Cat 42,040]

1 hour ago, FloridaMinsk said:

I am a realtor and do not run my business through an LLC or corp

You could be missing a huge number of tax deductions.......LLCs are easy and inexpensive to set up.

[FloridaMinsk 88]

1 hour ago, missileman said:

You could be missing a huge number of tax deductions.......LLCs are easy and inexpensive to set up.

 

Yes,  I am actually setting an LLC up now but this isn’t going to help me with this 864 now.   

 

Any idea on how I need to list assets? 

[Crazy Cat 42,040]

Just now, FloridaMinsk said:

 

Yes,  I am actually setting an LLC up now but this isn’t going to help me with this 864 now.   

 

Any idea on how I need to list assets? 

I'm not an expert in that area.  I used my Military Retirement and Social Security Retirement income........but there are posters here who know a lot about I-864s.

@geowrian

[geowrian 22,338]

For a self employed individual, they will use your 2017 tax return to determine your current income level. As you noted, the deductions there can severely lower this, so using assets to supplement income is not a bad decision.

 

For a bank account, I would suggest 12 months of statements. One reason I say 12 months is they like to see that the assets are actually yours and not just being placed into the account to meet the requirement and then returned to their original source (often family members).

 

Documentation for a property is more complex. I highly encourage others to step in with details. That said, you need to show:

1. Ownership of the asset(s). This would generally be a copy of the deed or title.
2. Net value of the asset(s). This means showing both:
   1. Current value of the property. A recent appraisal is best here (and is what is stated in the I-864 instructions). I have heard others use county appraisals for tax purposes, or even screenshots of estimates from some website, but I wouldn't suggest this personally.
   2. The value of any liens/mortgages/secured loans against the property.
3. The asset is convertible to cash within 1 year. This is basically a judgement call by the IO. In the current market, I wouldn't be too worried personally.

Check out page #9 of the I-864 instructions regarding the use of assets, in which they note what they want to see for a house:

https://www.uscis.gov/system/files_force/files/form/i-864instr.pdf

[FloridaMinsk 88]

2 hours ago, geowrian said:

For a self employed individual, they will use your 2017 tax return to determine your current income level. As you noted, the deductions there can severely lower this, so using assets to supplement income is not a bad decision.

 

For a bank account, I would suggest 12 months of statements. One reason I say 12 months is they like to see that the assets are actually yours and not just being placed into the account to meet the requirement and then returned to their original source (often family members).

 

Documentation for a property is more complex. I highly encourage others to step in with details. That said, you need to show:

1. Ownership of the asset(s). This would generally be a copy of the deed or title.
2. Net value of the asset(s). This means showing both:
   1. Current value of the property. A recent appraisal is best here (and is what is stated in the I-864 instructions). I have heard others use county appraisals for tax purposes, or even screenshots of estimates from some website, but I wouldn't suggest this personally.
   2. The value of any liens/mortgages/secured loans against the property.
3. The asset is convertible to cash within 1 year. This is basically a judgement call by the IO. In the current market, I wouldn't be too worried personally.

Check out page #9 of the I-864 instructions regarding the use of assets, in which they note what they want to see for a house:

https://www.uscis.gov/system/files_force/files/form/i-864instr.pdf

Thank you for your detailed response.   

 

I can cover the property values easy enough.   I have a mortgage statement with payoff for one home.   The other is paid off.  

 

My wife also has two homes in her country one is for sale.   Not worth a lot compared to here but it’s an asset.   Wondering if we should add those.   

 

Bank statements arent an issue.  It’s just my savings account that I dump commissions into to cover my quarterly tax payments.   I have about 60% of the needed minimum yearly income value in that account alone.    I am hoping my homes, bank statements, plus my 10-99’s will suffice.   

[geowrian 22,338]

Good luck!

 

Just so it's clear, assets must be 3x the necessary income level (or income gap when combined with income) for a spouse (and 5x for anybody else).

[FloridaMinsk 88]

24 minutes ago, geowrian said:

Good luck!

 

Just so it's clear, assets must be 3x the necessary income level (or income gap when combined with income) for a spouse (and 5x for anybody else).

 

Yeah I believe I should be fine.   Even at 5x I should be about 100k over that threashold just in my home values.   Even taking All income away.  

 

 

Edited July 3, 2018 by FloridaMinsk