Another capital gains and crypto currency question. (split)

[MrEdward 0]

 

On 4/18/2024 at 3:21 AM, pushbrk said:

None of the above matters in the context of the affidavit of support.  This sponsor is a self employed investor.  His current income will be the "Total Income" figure from his latest (should be 2023) US Federal tax return.  AGI (might be the same number) is irrelevant to a self employed person.  Self employed never file a 1040 EZ.

 

Two sections of the affidavit to enter income.  The past tax returns section, and the current income section.  Unique to the self employed is that the most recent income reported in the tax section is the same as the "current income" as it is not "income" (again, in this context) until it appears on the tax return.  In this situation the total income will be the capital gains minus applicable losses.  It doesn't matter whether the gains were long term or short term.  If they are included in the plus side, then the plus minus the minus, is the "total income".

A "Self Employed Investor" with ample capital gains income, would also declare and document the underlying investment capital in the asset section of the affidavit, further supporting their qualification to sponsor the immigrant.

Thank you for the Response, I have an additional question, Like OP, I have meet the income requirements for the last 3 years through my capital gains. Those gains were all in cryptocurrency. So to prove my assets is going to be difficult.  I have 150k in my own cryptocurrency wallet.. and 50k in gold in a vault back in the US.

How do can I prove that this is mine? The gold I have several purchase receipt, so would pictures of the gold and a receipts suffice?

As for the crypto... I could easily "sign a transaction" and prove they are my funds, but I dont think the NVC will have a clue what that means. 

I can't get a joint sponsor right now
Thanks

[pushbrk 12,898]

32 minutes ago, MrEdward said:

 

Thank you for the Response, I have an additional question, Like OP, I have meet the income requirements for the last 3 years through my capital gains. Those gains were all in cryptocurrency. So to prove my assets is going to be difficult.  I have 150k in my own cryptocurrency wallet.. and 50k in gold in a vault back in the US.

How do can I prove that this is mine? The gold I have several purchase receipt, so would pictures of the gold and a receipts suffice?

As for the crypto... I could easily "sign a transaction" and prove they are my funds, but I dont think the NVC will have a clue what that means. 

I can't get a joint sponsor right now
Thanks

That's beyond my area.  Crypto and gold on hand will be difficult to deal with.  If the Crypto is enough on it's own, I would change it to dollar in a bank account.  You should then be able to document it was yours.  If you are at the NVC stage now, you are about a year late asking these questions and finding a solution.

[Ontarkie 14,227]

~~Hijack post and related reply have been split off to their own thread.~~

[Boiler 45,532]

Joint Sponsor is the way to go.

[pushbrk 12,898]

40 minutes ago, Boiler said:

Joint Sponsor is the way to go.

If the assets have well over the required value, they can be converted to dollars and placed in an account.  Then the issue of whose money it was during the past year or so, becomes the issue.  Should have been done year ago though.  Talking about the crypto, not the gold, but that could be sold too.  Sponsoring an immigrant is the year you get your conventional finances in order, or pay the consequences.

[MrEdward 0]

1 hour ago, pushbrk said:

If the assets have well over the required value, they can be converted to dollars and placed in an account.  Then the issue of whose money it was during the past year or so, becomes the issue.  Should have been done year ago though.  Talking about the crypto, not the gold, but that could be sold too.  Sponsoring an immigrant is the year you get your conventional finances in order, or pay the consequences.

Thanks for the response. It creates a catch-22. I'm supposed to cash out my crypto and hold it in cash for a year to prove I have it. But then I can't make a living by trading it. 

 

Also cashing out would cause huge short term capital gains. 

 

I'll just submit transactions from over the course of the year to show they are mine. 

 

You're right I should have done this a year ago. I thought my parents were going to joint sponsor until yesterday, but they decided the paperwork was too risky after talking to their lawyer. So we are put in a tough spot over night. 

 

Even having 3 years of GAI well above 125%  doesn't count for much when self employed?

 

Thanks

Edited April 19 by MrEdward
Spelling

[OldUser 6,709]

You can learn more on thread attached. Essentially, you cannot do much without joint sponsor.

 

 

 

Edited April 19 by OldUser

[pushbrk 12,898]

14 hours ago, MrEdward said:

Thanks for the response. It creates a catch-22. I'm supposed to cash out my crypto and hold it in cash for a year to prove I have it. But then I can't make a living by trading it. 

 

Also cashing out would cause huge short term capital gains. 

 

I'll just submit transactions from over the course of the year to show they are mine. 

 

You're right I should have done this a year ago. I thought my parents were going to joint sponsor until yesterday, but they decided the paperwork was too risky after talking to their lawyer. So we are put in a tough spot over night. 

 

Even having 3 years of GAI well above 125%  doesn't count for much when self employed?

 

Thanks

Not familiar with GAI.  Do you mean AGI?  If so, that is not the number you use.  It's "Total Income", but sometimes its the same number.  If your past three tax returns show plenty of total income, you can qualify on income.  You are a self employed "investor".  Consular Officers tend to believe that if you are willing to report the income and pay taxes on it, you actually earned it.  Even so, it is helpful to show you own the underlying capital too.  That's just part of the picture to enhance what they see as the totality of circumstances.

As kind of an aside, your parents' decision is WHY it is so important to show you own the assets involved.  Many parent or other joint sponsors would rather loan you the cash to qualify than sign the contract in the affidavit of support.  Showing you've owned the assets for over a year, takes that suspicion out of their minds.  But, if those assets are how you're producing the taxable capital gains, then that solves the problem too.  If you can show transactions in your name, that will probably do.

 

Edited April 19 by pushbrk

[MrEdward 0]

3 hours ago, pushbrk said:

Not familiar with GAI.  Do you mean AGI?  If so, that is not the number you use.  It's "Total Income", but sometimes its the same number.  If your past three tax returns show plenty of total income, you can qualify on income.  You are a self employed "investor".  Consular Officers tend to believe that if you are willing to report the income and pay taxes on it, you actually earned it.  Even so, it is helpful to show you own the underlying capital too.  That's just part of the picture to enhance what they see as the totality of circumstances.

As kind of an aside, your parents' decision is WHY it is so important to show you own the assets involved.  Many parent or other joint sponsors would rather loan you the cash to qualify than sign the contract in the affidavit of support.  Showing you've owned the assets for over a year, takes that suspicion out of their minds.  But, if those assets are how you're producing the taxable capital gains, then that solves the problem too.  If you can show transactions in your name, that will probably do.

 

Yes I meant AGI, ok yes just read the instructions again very slow... So Total Income from the previous year is what I will use on the current income (it's almost same number as AGI)
And for previous years per the i-864.. it says submit your AGI for the three years. And in addition to IRS transcripts, will attach all the different 1040s (1040, schedule 1, 2, Schedule-D) for those years as well. Which will have all my trades from those years establishing custody of those assets.

Then for asset proofs.. I will submit as much proof as I can that I own the crypto.. (bank withdrawals and deposits from crypto exchanges, crypto wallet transfers screenshots)

Thanks for your time and help

[pushbrk 12,898]

On 4/20/2024 at 8:38 AM, MrEdward said:

Yes I meant AGI, ok yes just read the instructions again very slow... So Total Income from the previous year is what I will use on the current income (it's almost same number as AGI)
And for previous years per the i-864.. it says submit your AGI for the three years. And in addition to IRS transcripts, will attach all the different 1040s (1040, schedule 1, 2, Schedule-D) for those years as well. Which will have all my trades from those years establishing custody of those assets.

Then for asset proofs.. I will submit as much proof as I can that I own the crypto.. (bank withdrawals and deposits from crypto exchanges, crypto wallet transfers screenshots)

Thanks for your time and help

Total income is the number for all years.  AGI is only for those who file the 1040 EZ.