Rental income: is it just as good as income from an employer?

[nakm 2]

Looking down the road a bit here…. When I’m finally asked to produce my tax returns showing income, will my rental income be considered just as legitimate as income from a normal “job”?… I own 3 houses in the USA and all 3 are owned in full (no mortgage payments). I earn well above the minimum required by USCIS. (Even after deductions etc, I’m still well above the min.).

 

Does anyone know if the interviewers look differently at this kind of income? Should I be worried? (FYI: I can prove ownership of all 3 properties, and can show years of bank statements showing rental income deposits).

[Chancy 6,243]

*** Moved from K1 Progress Reports to K1 Process & Procedures ***

 

16 hours ago, nakm said:

Does anyone know if the interviewers look differently at this kind of income?

 

Which consulate?  Certain consulates are known to be more laid-back than others with regard to the I-134 for K1.

 

[nakm 2]

6 hours ago, Chancy said:

*** Moved from K1 Progress Reports to K1 Process & Procedures ***

 

 

Which consulate?  Certain consulates are known to be more laid-back than others with regard to the I-134 for K1.

 

Bangkok, Thailand 

[CaLi90 56]

On 8/16/2022 at 9:11 PM, nakm said:

Looking down the road a bit here…. When I’m finally asked to produce my tax returns showing income, will my rental income be considered just as legitimate as income from a normal “job”?… I own 3 houses in the USA and all 3 are owned in full (no mortgage payments). I earn well above the minimum required by USCIS. (Even after deductions etc, I’m still well above the min.).

 

Does anyone know if the interviewers look differently at this kind of income? Should I be worried? (FYI: I can prove ownership of all 3 properties, and can show years of bank statements showing rental income deposits).

I can’t comment on the exact consulate, but on the I-134, it gets you to list assets worth, as well as income.
 

On your taxes, do you claim to be a self employed landlord or do you write it as passive income in the rental income part? I would think rental income should be treated as normal income if this is your main job, especially if you have a long history of consistent payments and back it up with evidence like bank statements, rental agreements, letter from the bank etc. 
 

Also when filling out total US assets (property and cash in the bank), this should be taken into account. Provide official valuations for your properties, ownership proof and again bank statements proving cash assets.

 

I would think this would suffice, but hope you get more relevant answers to your particular consulate, as I know London are more lenient than some. 
 

Good luck with your journey!

Edited August 18, 2022 by CaLi90

[nakm 2]

11 hours ago, CaLi90 said:

I can’t comment on the exact consulate, but on the I-134, it gets you to list assets worth, as well as income.
 

On your taxes, do you claim to be a self employed landlord or do you write it as passive income in the rental income part? I would think rental income should be treated as normal income if this is your main job, especially if you have a long history of consistent payments and back it up with evidence like bank statements, rental agreements, letter from the bank etc. 
 

Also when filling out total US assets (property and cash in the bank), this should be taken into account. Provide official valuations for your properties, ownership proof and again bank statements proving cash assets.

 

I would think this would suffice, but hope you get more relevant answers to your particular consulate, as I know London are more lenient than some. 
 

Good luck with your journey!

Thanks! This puts my mind at ease. I will DEFINITELY get recent appraisals of all 3 properties completed  before the interview:)

[Palawan 131]

Any net income your rental property makes is taxable as ordinary income on your tax returns.  No need to get appraisals unless you are going to use assets on I -134, or if that is possible at the interview.

 

You just put down on your returns what you income was, no different basically than someone getting paid cash and putting that down on their tax returns.

 

Good Luck. 

[nakm 2]

6 hours ago, Palawan said:

Any net income your rental property makes is taxable as ordinary income on your tax returns.  No need to get appraisals unless you are going to use assets on I -134, or if that is possible at the interview.

 

You just put down on your returns what you income was, no different basically than someone getting paid cash and putting that down on their tax returns.

 

Good Luck. 

So you’re saying I shouldn’t use BOTH assets AND income?… like I should just avoid listing assets if my income is substantial?… or does it matter?… sorry, I don’t even really knows how that process works haha 😆 

thanks for all the details

[Treegrower 5]

7 hours ago, Palawan said:

Any net income your rental property makes is taxable as ordinary income on your tax returns.  No need to get appraisals unless you are going to use assets on I -134, or if that is possible at the interview.

 

You just put down on your returns what you income was, no different basically than someone getting paid cash and putting that down on their tax returns.

 

Good Luck. 

 

I would think most people (including consulate officers) would think in 2022 that rental income count as much as any regular job's income.   There is really no job security in America anymore,

a regular job is not going to be more secured than rental income.

 

[arken 4,197]

4 hours ago, nakm said:

So you’re saying I shouldn’t use BOTH assets AND income?… like I should just avoid listing assets if my income is substantial?… or does it matter?… sorry, I don’t even really knows how that process works haha 😆 

thanks for all the details

If your income from your rental is substantially higher than the requirement, no need to use assets. 
 

 

Edited August 21, 2022 by arken

[Palawan 131]

5 hours ago, nakm said:

So you’re saying I shouldn’t use BOTH assets AND income?… like I should just avoid listing assets if my income is substantial?… or does it matter?… sorry, I don’t even really knows how that process works haha 😆 

thanks for all the details

I don't know the specifics for what is required for Thailand, You can check out the section below for specific answers. But I see no need to do both, I would just use your taxes for last year.  I am not sure if Thailand will take assets for the embassy interview.  Look below and find Thailand and post in thier section for specific questions.