RFE 864 does not looking at assets?

[jasonf 4]

Is it traceability or to prove that I did not just borrow money from someone for the application and then return it so I don't need a co sponser?  Even if I sent them 12 months of account history it does not show where the funds came from. 

 

I was thinking instead of blasting them with hundreds of pages of bank statements.  I could get a letter from each bank stating the balance of the account for each month from 12 months back from my original application as well and account balances for each month that has passed since my application has been filed and include that in my RFE.  Could this be a good way to satisfy the asset documentation?

[Ed&Midori1031 330]

I had the same issue.  Although I put all my tax documents (W-2's, 1040, 1099) and I still received a RFE.  As annyoing as it is, sometimes, they want to "verify" again all the financial stuff.  Is there anyway you can prove the value of your assets? 

[jasonf 4]

37 minutes ago, Ed&Midori1031 said:

I had the same issue.  Although I put all my tax documents (W-2's, 1040, 1099) and I still received a RFE.  As annyoing as it is, sometimes, they want to "verify" again all the financial stuff.  Is there anyway you can prove the value of your assets? 

I am not sure when you say prove the value of my assets?  The bank statements state the dollar amount.  

[SalishSea 17,875]

13 hours ago, Villanelle said:

If your income is below the guidelines by a few thousand but at the same time you have bank and investment accounts totaling 3x the guidelines its not strange for the Officer to wonder how you came into possession of such assets. 

This.

[Villanelle 4,122]

Once again you can respond to the RFE and only provide the tax documents/no co-sponsor. You take the risk of getting another RFE for the assets and adding additional time to the process or potentially getting denied. Its a very slim chance they deny and dont RFE for additional proof of assets but if they do you are going to have many more problems to deal with. 

 

So the best advice for you is to send additional proof of assets since you need them to count to qualify. 

 

Also the instructions does not say #2 is only for real estate. It says to complete part 7 1-4 which covers bank accounts, real estate, investments, stocks, etc. 

 

Look I can understand not wanting to send hundreds of pages of statements. But they want documentation! If you can get a letter from the bank stating your balance for the last 12 months then YES! send that along with the tax documents and you should be OK. 

 

 

[Nitas_man 3,100]

16 hours ago, jasonf said:

I did download my tax transcript and will include that as well.  There was not one available as my taxes were completed with a few days of when I sent in the application and it takes weeks or months to get the transcript posted to the IRS website according to my accountant.  Hopefully they don't give me a hard about including that as it was not an option they listed in the RFE.  Since they did not ask for asset information I am not sure blasting them with a few hundred pages of bank statements is a good idea?  Also, since the whole application is invalid why are they asking for a co sponsor before they can make a decision on the  on my IRS tax filing as they are requesting the information for my tax filing?

When we filed on assets alone yes, we did blast them with a ytd summary of statements from all accounts.

 

It wasn’t “hundreds of pages” so maybe you’re exaggerating a teeny tiny bit.

 

Prepare good, solid summaries of your assets, send in your tax transcript (which really is all you need) OR the rest of your return documentation, and let them make the ruling.

 

I did summarize all those statements in a nice excel spreadsheet as the cover page with (1) number - total assets.

 

Since I am unaware of anyone filing on assets trying to push through on one month of statements I can’t answer your question about whether one month is good enough or not.  I know that previous year’s tax returns and current year’s bank / investment / holding statements is enough.

 

If they asked you for a co-sponsor there must be another reason.  

 

 

[Pengunista 221]

45 minutes ago, Villanelle said:

Once again you can respond to the RFE and only provide the tax documents/no co-sponsor. You take the risk of getting another RFE for the assets and adding additional time to the process or potentially getting denied. Its a very slim chance they deny and dont RFE for additional proof of assets but if they do you are going to have many more problems to deal with. 

 

So the best advice for you is to send additional proof of assets since you need them to count to qualify. 

 

Also the instructions does not say #2 is only for real estate. It says to complete part 7 1-4 which covers bank accounts, real estate, investments, stocks, etc. 

 

Look I can understand not wanting to send hundreds of pages of statements. But they want documentation! If you can get a letter from the bank stating your balance for the last 12 months then YES! send that along with the tax documents and you should be OK. 

 

 

Totally agree with @Villanelle. I recently got an RFE after we didn’t get approved on the spot during our interview.  The list of the stuff they have on my RFE two of them we already sent and we got a surprise with them asking for a police clearance of all the places I lived in for the past 5 years.  And as annoying as it is, I went and got those police clearance, resent the two items they have on the list and added some stuff they didn’t ask for. By the time I was done, I have 61 pages of proofs that our marriage was real. A week after they got my response I got approved. 

 

So, it might be a hassle to send a bunch of paperwork but if it would satisfy their curiosity or whatever, then I say send them as much as you can. 

[gregcrs2 1,778]

4 hours ago, jasonf said:

Is it traceability or to prove that I did not just borrow money from someone for the application and then return it so I don't need a co sponser?  Even if I sent them 12 months of account history it does not show where the funds came from. 

 

I was thinking instead of blasting them with hundreds of pages of bank statements.  I could get a letter from each bank stating the balance of the account for each month from 12 months back from my original application as well and account balances for each month that has passed since my application has been filed and include that in my RFE.  Could this be a good way to satisfy the asset documentation?

Traceability and proving you did not just borrow the money as you stated above are pretty much the same thing.  What's the problem of just sending last 12 months bank statements?   You seem to want to do anything but that.   

[jasonf 4]

5 hours ago, Villanelle said:

Once again you can respond to the RFE and only provide the tax documents/no co-sponsor. You take the risk of getting another RFE for the assets and adding additional time to the process or potentially getting denied. Its a very slim chance they deny and dont RFE for additional proof of assets but if they do you are going to have many more problems to deal with. 

 

So the best advice for you is to send additional proof of assets since you need them to count to qualify. 

 

Also the instructions does not say #2 is only for real estate. It says to complete part 7 1-4 which covers bank accounts, real estate, investments, stocks, etc. 

 

Look I can understand not wanting to send hundreds of pages of statements. But they want documentation! If you can get a letter from the bank stating your balance for the last 12 months then YES! send that along with the tax documents and you should be OK. 

 

 

I did not say #2 is only for real estate.  I said #2 as relates to asking for the date an asset was acquired only relates to real estate holdings and that is the only place in the instructions for the 864 that it mentions anything about when an asset was acquired.   

[jasonf 4]

5 hours ago, Nitas_man said:

When we filed on assets alone yes, we did blast them with a ytd summary of statements from all accounts.

 

It wasn’t “hundreds of pages” so maybe you’re exaggerating a teeny tiny bit.

 

Prepare good, solid summaries of your assets, send in your tax transcript (which really is all you need) OR the rest of your return documentation, and let them make the ruling.

 

I did summarize all those statements in a nice excel spreadsheet as the cover page with (1) number - total assets.

 

Since I am unaware of anyone filing on assets trying to push through on one month of statements I can’t answer your question about whether one month is good enough or not.  I know that previous year’s tax returns and current year’s bank / investment / holding statements is enough.

 

If they asked you for a co-sponsor there must be another reason.  

 

 

Well I have 2 accounts gathered as of now and I am at 174 pages.  I have 2 more to document.  And that is just the accounts I chose to show on my asset report.  If they want to see some of the other accounts god know how many more pages they want to see, but yes it will be in the hundreds of pages.  

[jasonf 4]

4 hours ago, gregcrs2 said:

Traceability and proving you did not just borrow the money as you stated above are pretty much the same thing.  What's the problem of just sending last 12 months bank statements?   You seem to want to do anything but that.   

Well since you asked I am getting conflicting advice.  I hired a consultant to help me put my package together who is actually quite active on these forums but not on this thread lol. He was pushing me to send as little as possible and saying it may not be helpful to my application to blast them with information like bank statements since they are not currently requesting them.  So my thoughts if I could send letter from the banks summarizing the information and that is a valid method it will be easier for the officer to digest.   

I would like to send bank information before they ask so it does not delay my chances anymore.  

If I send in 12 months of statements do I send in 12 months dating back from my original application or do I send in the latest 12 months starting from today?  

And if I use the most recent 12 months do I need to submit and new 864 with updated numbers?  Also, if I submit a new 864 are there implications with the new 864 that go into effect next Tuesday?

 

[jasonf 4]

4 hours ago, gregcrs2 said:

Traceability and proving you did not just borrow the money as you stated above are pretty much the same thing.  What's the problem of just sending last 12 months bank statements?   You seem to want to do anything but that.   

Well 12 months of statements will not show where the money came from as a lot of this money has been sitting there for years.  So sending in 12 months of statements will not show any evidence where the money came from.  However, If the rational is well you have had this money for 12 months and and given the time frame of 12 months we can see you have held it for sometime so it is unlikely that is has been borrowed to inflate my assets for the application.  Well that is actually the difference between traceability and proof of ownership I would think.  

[Villanelle 4,122]

2 minutes ago, jasonf said:

Well since you asked I am getting conflicting advice.  I hired a consultant to help me put my package together who is actually quite active on these forums but not on this thread lol. He was pushing me to send as little as possible and saying it may not be helpful to my application to blast them with information like bank statements since they are not currently requesting them.  So my thoughts if I could send letter from the banks summarizing the information and that is a valid method it will be easier for the officer to digest.   

I would like to send bank information before they ask so it does not delay my chances anymore.  

If I send in 12 months of statements do I send in 12 months dating back from my original application or do I send in the latest 12 months starting from today?  

And if I use the most recent 12 months do I need to submit and new 864 with updated numbers?  Also, if I submit a new 864 are there implications with the new 864 that go into effect next Tuesday?

 

I am curious to know who on the forums is not only charging people for advice but giving what seems to be incomplete advice (not explaining a tax return requires W2s/1099s) You are under no obligation to state who it is though. 

 

IMO A letter from the bank summarizing the last 12 months of activity should be just as sufficient as monthly statements. 

 

The new rules were just blocked by a court- so they are not going in to effect. Even if they were, (or do), before you resolve this you would not use the newer form. 

 

Based on all the information you have provided you did not come into a large sum of money that was suddenly deposited in your account that you would have to explain where it came from ( like inheritance or real estate sale for example) and you have documentation that the money has been in your accounts (perhaps slowly growing) for at least the last 12 months. So there should be no question of ownership when you show that. 

[Nitas_man 3,100]

1 hour ago, jasonf said:

Well I have 2 accounts gathered as of now and I am at 174 pages.  I have 2 more to document.  And that is just the accounts I chose to show on my asset report.  If they want to see some of the other accounts god know how many more pages they want to see, but yes it will be in the hundreds of pages.  

I laid 7 digits and 9 accounts on that counter and I pulled it from a manila folder with 3 tax transcripts.  Your talk of pages of money truly bores me.  Get your assets together and submit them.  You’re a real estate tycoon, put the same package together that you would put for a mortgage.  I’ve done this TWICE on assets and never had a problem.

OH and fire your consultant.

Edited October 11, 2019 by Nitas_man