Cash Assets As Proof of Income for I-864

[jessica13 4]

9 hours ago, Rocio0010 said:

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

OK. So I did some research on the tax implication. According to the tax law 2022, as long as a non-US citizen is sending the money to my husband, my husband will only have to file tax if the annual accumulated amount of incoming transfers from oversea is over 100k USD per year. That said, my husband has been receiving 80k-100k per year already for school. So he will file tax if he receive that 150k cash gift for asset proof. Yet, he would likely not have to tax for that because the sender is not a US citizen. Another update, we have figured out to have his multiple relatives send the 150k total from mainland china to my mother in law's hong kong bank account. As my mother in law is a permanent resident in both Mainland China and Hong Kong, there will be no "legal" issues. So at the end, my mother in law will be sending the 150k in one go to my husband's US account so that my husband can file tax on this on one go as well. It might look less "fishy" as it would not be multiple 20k from multiple chinese relatives. 

[Rocio0010 5,579]

5 minutes ago, jessica13 said:

OK. So I did some research on the tax implication. According to the tax law 2022, as long as a non-US citizen is sending the money to my husband, my husband will only have to file tax if the annual accumulated amount of incoming transfers from oversea is over 100k USD per year. That said, my husband has been receiving 80k-100k per year already for school. So he will file tax if he receive that 150k cash gift for asset proof. Yet, he would likely not have to tax for that because the sender is not a US citizen. Another update, we have figured out to have his multiple relatives send the 150k total from mainland china to my mother in law's hong kong bank account. As my mother in law is a permanent resident in both Mainland China and Hong Kong, there will be no "legal" issues. So at the end, my mother in law will be sending the 150k in one go to my husband's US account so that my husband can file tax on this on one go as well. It might look less "fishy" as it would not be multiple 20k from multiple chinese relatives. 

I love the fact that you’re trying to cover your butt with taxes! I didn’t want to be Negative Nancy, but I feel like one should always be cautious with these issues. Good for you!

[jessica13 4]

4 hours 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 

The reason why we are trying to generate the statements is that some said that it is hard to prove to the officer that the 150k is not a LOAN, but a wedding gift. And that my in-laws are not going to take that money back. Yet, I understand what you are saying as well, the fact that the money will be sitting in our joint account for months anyway ready for RFE anytime if we file immediately. 

[pushbrk 12,910]

5 hours 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 

I agree with this.  If it's a gift, it's a gift. "The source as wedding gifts from family" is the only explanation needed.  Note is is common for the Chinese Groom's parents to buy a house for their son and his  bride.  Since the couple will be living in the USA instead of China, this is absolutely fine.  No need to delay for statements.  It's a gift.  How the money gets to the account is not relevant.

[Family 4,014]

1 hour ago, jessica13 said:

The reason why we are trying to generate the statements is that some said that it is hard to prove to the officer that the 150k is not a LOAN, but a wedding gift. And that my in-laws are not going to take that money back. Yet, I understand what you are saying as well, the fact that the money will be sitting in our joint account for months anyway ready for RFE anytime if we file immediately. 

Your plan is excellent and as I stated , you can can describe the nature of the wedding gift and it’s source at filing , at RFE ( if any) and by the time you get to the interview ( approx 12 month) you will have plenty of statements. 
Additionally you can include a signed statement/ letter from whatever family members acknowledging the gift …at the initial filing ( this is not required, but should put your mind at ease). 
 

You will NOT be required to prove to a USCIS officer that the money is not a loan…nor will there be a Hawala Inquisition ( akin to this forum , Lol).  
All you need to prove is that YOU OWN IT , it’s liquid and you have a valid LEGAL REASON for no previous statements. Period. 
Good Luck and keep posting 

[Family 4,014]

10 minutes ago, pushbrk said:

Note is is common for the Chinese Groom's parents to buy a house for their son and his  bride.  Since the couple will be living in the USA instead of China, this is absolutely fine.  No need to delay for statements.  It's a gift.  How the money gets to the account is not relevant.

@pushbrk I appreciate the cultural relevance and yes , it is customary. Thank you for your input