Cash Assets As Proof of Income for I-864

[SalishSea 17,852]

1 minute ago, jessica13 said:

Then if I use the 150k-200k to purchase a property in the US, like a small apartment or condo, is that going to better? To use property as a way to prove sufficient assets? 

I'm really not sure about that.   Current income is always best, and non-liquid assets cannot support an immigrant.

 

Calling @pushbrk, who may be able to help.

 

Best wishes!

[Redro 4,611]

4 minutes ago, jessica13 said:

Then if I use the 150k-200k to purchase a property in the US, like a small apartment or condo, is that going to better? To use property as a way to prove sufficient assets? 

Your plan to use assets probably isn't going to work. 

 

Only assets that can be converted into cash within one year and without considerable hardship or financial loss to the owner may be included. The owner of the asset must include a description of the asset, proof of ownership, and the basis for the owner’s claim of its net cash value. You may include the net value of your home as an asset. The net value of the home is the appraised value of the home, minus the sum of any and all loans secured by a mortgage, trust deed, or other lien on the home. If you wish to include the net value of your home, then you must include documentation demonstrating that you own it, a recent appraisal by a licensed appraiser, and evidence of the amount of any and all loans secured by a mortgage, trust deed, or other lien on the home. You may not include the net value of an automobile unless you show that you have more than one automobile, and at least one automobile is not included as an asset.

 

Hold off on applying for your husband until you can secure your own income OR get a joint sponsor. 

 

 

Edited June 18, 2022 by ROK2USA

[jessica13 4]

52 minutes ago, ROK2USA said:

Your plan to use assets probably isn't going to work. 

 

Only assets that can be converted into cash within one year and without considerable hardship or financial loss to the owner may be included. The owner of the asset must include a description of the asset, proof of ownership, and the basis for the owner’s claim of its net cash value. You may include the net value of your home as an asset. The net value of the home is the appraised value of the home, minus the sum of any and all loans secured by a mortgage, trust deed, or other lien on the home. If you wish to include the net value of your home, then you must include documentation demonstrating that you own it, a recent appraisal by a licensed appraiser, and evidence of the amount of any and all loans secured by a mortgage, trust deed, or other lien on the home. You may not include the net value of an automobile unless you show that you have more than one automobile, and at least one automobile is not included as an asset.

 

Hold off on applying for your husband until you can secure your own income OR get a joint sponsor. 

 

 

Thank you for all of your advise. After consulting with my parents and my husband, I think I will do the following path:

 

1. Have my in laws send the 150k cash into our joint account this month and have it inside the account from Late June 2022

2. Submit application in May 2023 once I receive a job offer and use the job offer letter plus 10 months of bank statement as financial proof 

3. If an RFE is issued, which will likely be at least after July or August 2023, I would have worked for 1-2 months and will have 1-2 pay stubs to show as additional support

 

Is this better?

Edited June 18, 2022 by jessica13

[Redro 4,611]

8 minutes ago, jessica13 said:

Thank you for all of your advise. After consulting with my parents and my husband, I think I will do the following path:

 

1. Have my in laws send the 150k cash into our joint account this month and have it inside the account from Late June 2022

2. Submit application in May 2023 once I receive a job offer and use the job offer letter plus 10 months of bank statement as financial proof 

3. If an RFE is issued, which will likely be at least after July or August 2023, I would have worked for 1-2 months and will have 1-2 pay stubs to show as additional support

 

Is this better?

That sounds better... You're extremely lucky as your husband is currently in status as a student so you have more time to put together the best possible package! 

 

Good Luck! 

Edited June 18, 2022 by ROK2USA

[pushbrk 12,910]

2 hours ago, Jorgedig said:

I'm really not sure about that.   Current income is always best, and non-liquid assets cannot support an immigrant.

 

Calling @pushbrk, who may be able to help.

 

Best wishes!

I haven't read the whole thread, but it's important to understand some information that comes directly from the instructions and is born out from experience.  If you are using "liquid assets" to qualify as a sponsor, the assets must be liquid.  The definition is in the I-864 instructions, but equity in a primary residence is definitely NOT "liquid".  If a petitioner has $150,000 in a savings account and/or other liquid investments, such as stocks and bonds, they should document those in the affidavit.  If they want to buy a house with that money, do it AFTER the sponsorship issues are already decided.

 

Unless you have more than a few children or other dependents, the 150k is quite sufficient to deal with the sponsorship issues.

[Redro 4,611]

1 minute ago, pushbrk said:

I haven't read the whole thread, but it's important to understand some information that comes directly from the instructions and is born out from experience.  If you are using "liquid assets" to qualify as a sponsor, the assets must be liquid.  The definition is in the I-864 instructions, but equity in a primary residence is definitely NOT "liquid".  If a petitioner has $150,000 in a savings account and/or other liquid investments, such as stocks and bonds, they should document those in the affidavit.  If they want to buy a house with that money, do it AFTER the sponsorship issues are already decided.

 

Unless you have more than a few children or other dependents, the 150k is quite sufficient to deal with the sponsorship issues.

Read the OP.

Sponsor is currently a student, does not work, does not file taxes. 

Money is currently in China and will be deposited into a US account by various people but is a gift from the beneficiary's parents. 

OP was wanting to file paperwork after the money had been in the account for less than 12 months. 

[Rocio0010 5,579]

9 hours ago, jessica13 said:

 Is it okay if my husband's relatives' name show up on the bank statements and show the proof that my husband's parents have paid Chinese RMB to those relatives just to get the money out of China? 

Hopefully you’ll consider the tax implications of doing this. 

[Family 4,014]

You are perfectly fine to use the $150K as liquid assets and you can file as soon as you have ONE month’s bank statement. Indicate the source exactly as you posted , wedding gift from overseas in-laws, on the last page of the I-864…and state there are no previous statement to submit as the cash was received xyz date.

Do not waste/ delay  12 moths just to accumulate statements. In case they RFE, you can respond with the additional  bank statements and repeat explanation …

 

Money is fine to be deposited in joint account . No advantage / no value in rushing to buy home and covert cash to equity. 

 

 

 

 

 

 

 

[Rocio0010 5,579]

2 hours ago, Family said:

wedding gift from overseas in-laws, on the last page of the I-864…and

All cool, except that the parents are sending money through other people. Saying that in laws are sending the money is technically a lie.

[Family 4,014]

11 hours ago, jessica13 said:

Have my in laws send the 150k cash into our joint account this month and have it inside the account from Late June 2022

 

[Rocio0010 5,579]

15 hours ago, jessica13 said:

year. Is it okay if my husband's relatives' name show up on the bank statements and show the proof that my husband's parents have paid Chinese RMB to those relatives just to get the money out of China? 

@Family read the first post again

[Family 4,014]

15 hours ago, jessica13 said:

my parents in law offered to give us 150k as cash gift so that we can use this money as a proof of asset

Read.

Disclosing the funds as wedding gift from either parents or parents in law is sufficient and if funds will be held in the couples joint account or petitioners solo account ( whatever their choice). Losing a year to file Adjustment in order to generate statements is unnecessary 

[Rocio0010 5,579]

42 minutes ago, Family said:

Read.

Disclosing the funds as wedding gift from either parents or parents in law is sufficient and if funds will be held in the couples joint account or petitioners solo account ( whatever their choice). Losing a year to file Adjustment in order to generate statements is unnecessary 

Right, I’m not arguing that. What I’m saying is, saying it comes from the parents is technically not true, because based on my understanding, OP will be receiving different funds from different people totaling $150k. So the source of the money is the parents, however, from the bank operations they’d be receiving money from different people.

I do understand where you’re coming from, and I know I’ll get “downvoted” for this, but to me, this approach is risky, maybe not so much for immigration but for the IRS I am afraid it is. Banks have to report money transfers over 10k, so based on what OP says, they already have a couple of them done. It can be a red flag for tax purposes. 
Therefore, while it might be a quick fix for the I-864, it might bring some headaches with the IRS. 
I guess it all boils down to how much OP can tolerate anxiety and risk. 

[Family 4,014]

2 minutes ago, Rocio0010 said:

Therefore, while it might be a quick fix for the I-864, it might bring some headaches with the IRS. 
I guess it all boils down to how much OP can tolerate anxiety and risk. 

Both petitioner and beneficiary have been supported through extensive and expensive higher education by their families. They are blessed to have the resources and free to disclose the wedding gift to USCIS. OP is not hiding nor structuring anything for the purpose of quick fixes, as implied. Wedding gifts DO take place when one weds, thus “seasoning “ the funds does not apply to her circumstances. 

There are no red flags and the only anxiety/stress or risk is a result of unfounded worries about IRS and the boogie man. Forgive the light humor. 
 

[Mike E 11,739]

@Rocio0010 

 

OP risks a charge of structuring from the Chinese government but provided the transactions are done electronically or in amounts or $10,001 or more there is not issue with US department of treasury.  I agree with Family that there should not be an issue with USCIS.