affidavite of support need help

[Danoco 0]

i own 2 usedcar dealership with over 100 cars which i own 100% no liens. i have a fully operational service shop in one of them. however my problem is i reinvest over 90% of my money back into my buisness, i dont have to i just choose too. so 2 of my years are below and my 2005 im just slightly above the poverty level. what if anything can i do to show that support is not an issue. ive been told to put 50k in the bank before the interview. is there any recognized way to show my buisness value to the manila embassy.

[Yodrak 7]

Danoco,

You can take more money out of the business for your personal use.

If you were to decide to sell the business, how would you set a price? And what documentation would you use to justify the price in negotiations with a potential buyer?

Keep in mind that if you were to show the business as something that you could sell to generate cash to support yourself and your alien fiancee - what is the impact on the income that you do have?

Yodrak

i own 2 usedcar dealership with over 100 cars which i own 100% no liens. i have a fully operational service shop in one of them. however my problem is i reinvest over 90% of my money back into my buisness, i dont have to i just choose too. so 2 of my years are below and my 2005 im just slightly above the poverty level. what if anything can i do to show that support is not an issue. ive been told to put 50k in the bank before the interview. is there any recognized way to show my buisness value to the manila embassy.

[Danoco 0]

Danoco,

You can take more money out of the business for your personal use.

If you were to decide to sell the business, how would you set a price? And what documentation would you use to justify the price in negotiations with a potential buyer?

Keep in mind that if you were to show the business as something that you could sell to generate cash to support yourself and your alien fiancee - what is the impact on the income that you do have?

Yodrak

i own 2 usedcar dealership with over 100 cars which i own 100% no liens. i have a fully operational service shop in one of them. however my problem is i reinvest over 90% of my money back into my buisness, i dont have to i just choose too. so 2 of my years are below and my 2005 im just slightly above the poverty level. what if anything can i do to show that support is not an issue. ive been told to put 50k in the bank before the interview. is there any recognized way to show my buisness value to the manila embassy.

i had my buisness appraised in a child support case would that be considered or accepted by the embassy ???

[Yodrak 7]

Danoco,

Sounds reasonable to me, but I can't answer for the consulate.

How old is the appraisal? Things change with time, sometimes things can change rather abruptly.

Yodrak

Danoco,

You can take more money out of the business for your personal use.

If you were to decide to sell the business, how would you set a price? And what documentation would you use to justify the price in negotiations with a potential buyer?

Keep in mind that if you were to show the business as something that you could sell to generate cash to support yourself and your alien fiancee - what is the impact on the income that you do have?

Yodrak

i own 2 usedcar dealership with over 100 cars which i own 100% no liens. i have a fully operational service shop in one of them. however my problem is i reinvest over 90% of my money back into my buisness, i dont have to i just choose too. so 2 of my years are below and my 2005 im just slightly above the poverty level. what if anything can i do to show that support is not an issue. ive been told to put 50k in the bank before the interview. is there any recognized way to show my buisness value to the manila embassy.

i had my buisness appraised in a child support case would that be considered or accepted by the embassy ???

[diadromous mermaid 36]

You pay yourself a lean salary and invest the excess (what you'd be inclined to pay yourself) in the business to add inventory to the business. Such inventory is clear and paid for. Do all businesses operate with inventory all paid for? Might be worth a call to an accountant to see if there could be a way that you could show the unpaid salary in some way

[Danoco 0]

Danoco,

Sounds reasonable to me, but I can't answer for the consulate.

How old is the appraisal? Things change with time, sometimes things can change rather abruptly.

Yodrak

Danoco,

You can take more money out of the business for your personal use.

If you were to decide to sell the business, how would you set a price? And what documentation would you use to justify the price in negotiations with a potential buyer?

Keep in mind that if you were to show the business as something that you could sell to generate cash to support yourself and your alien fiancee - what is the impact on the income that you do have?

Yodrak

i own 2 usedcar dealership with over 100 cars which i own 100% no liens. i have a fully operational service shop in one of them. however my problem is i reinvest over 90% of my money back into my buisness, i dont have to i just choose too. so 2 of my years are below and my 2005 im just slightly above the poverty level. what if anything can i do to show that support is not an issue. ive been told to put 50k in the bank before the interview. is there any recognized way to show my buisness value to the manila embassy.

i had my buisness appraised in a child support case would that be considered or accepted by the embassy ???

most people in my buisness floorplan there cars with a bank. after sept 11 my credit was shot to hell so ive had to carry my buisness on my own. although ive restored my credit ive gotten use to not depending on banks. my buisness was valued last year at 500,000 by a law firm. but it was used in a child support case i dont know if the embassy would accept that. i basically work 7 days a week (no life) and whatever i cant right off i claim. up until last year i lived soley for my buisness. if push came to shove i can sell a car at the auction to free up money but i sell 400+ cars a year so its never came to that

[Yodrak 7]

Danoco,

Again, I can't speak for the consular officer who is going to look at your submission, but it seems to me that you should be in good shape if you present your information properly - explain so someone who has no idea what you're talking about can understand.

Do yourself a favor for the adjustment of status and I-864 that will follow - take enough out of the business for yourself so that you can show a good income and won't have to worry about explaining assets. May cost you a bit in additional taxes for a year or two, but then once the AOS is over you can go back to the old way for tax purposes.

Yodrak

Danoco,

Sounds reasonable to me, but I can't answer for the consulate.

How old is the appraisal? Things change with time, sometimes things can change rather abruptly.

Yodrak

Danoco,

You can take more money out of the business for your personal use.

If you were to decide to sell the business, how would you set a price? And what documentation would you use to justify the price in negotiations with a potential buyer?

Keep in mind that if you were to show the business as something that you could sell to generate cash to support yourself and your alien fiancee - what is the impact on the income that you do have?

Yodrak

i own 2 usedcar dealership with over 100 cars which i own 100% no liens. i have a fully operational service shop in one of them. however my problem is i reinvest over 90% of my money back into my buisness, i dont have to i just choose too. so 2 of my years are below and my 2005 im just slightly above the poverty level. what if anything can i do to show that support is not an issue. ive been told to put 50k in the bank before the interview. is there any recognized way to show my buisness value to the manila embassy.

i had my buisness appraised in a child support case would that be considered or accepted by the embassy ???

most people in my buisness floorplan there cars with a bank. after sept 11 my credit was shot to hell so ive had to carry my buisness on my own. although ive restored my credit ive gotten use to not depending on banks. my buisness was valued last year at 500,000 by a law firm. but it was used in a child support case i dont know if the embassy would accept that. i basically work 7 days a week (no life) and whatever i cant right off i claim. up until last year i lived soley for my buisness. if push came to shove i can sell a car at the auction to free up money but i sell 400+ cars a year so its never came to that

[nodownguy 3]

They will look at your "gross" income on your 1040. Does not matter how much is "reinvested" or paid out or owed, only the gross income...

I had over 100k of gross sales in 2004, but like any good taxpayer, my adjusted gross income was only 15k. My fiance just passed her interview in one of the toughest embassys and they only looked at the gross income.

Of course, they may have a problem with used car salesmen in general....

good luck!

[diadromous mermaid 36]

Are you obliged to pay child support?

[Yodrak 7]

nodownguy,

True, but I suspect from the way he described his situation that in Danoco's case the gross income on 1040 is inadequate. It's his gross income, not his business' gross income that goes on 1040, and it's 1040 Line 22 that is the figure of interest. (Supposed to be, anyway - maybe you got lucky if your Line 22 was inadequate.)

Yodrak

They will look at your "gross" income on your 1040. Does not matter how much is "reinvested" or paid out or owed, only the gross income...

I had over 100k of gross sales in 2004, but like any good taxpayer, my adjusted gross income was only 15k. My fiance just passed her interview in one of the toughest embassys and they only looked at the gross income.

Of course, they may have a problem with used car salesmen in general....

good luck!

[diadromous mermaid 36]

Of course, they may have a problem with used car salesmen in general....

good luck!

Why?

[nodownguy 3]

nodownguy,

True, but I suspect from the way he described his situation that in Danoco's case the gross income on 1040 is inadequate. It's his gross income, not his business' gross income that goes on 1040, and it's 1040 Line 22 that is the figure of interest. (Supposed to be, anyway - maybe you got lucky if your Line 22 was inadequate.)

Yodrak

I was kinda worried just for that fact since I'm set up in LLC's, but I think they looked at the schedule C, Profit or loss, and schedule E, supplemental income and loss ( rental income),on my 1040 because I did not have any w-2's, so they had to actually look at the numbers on those schedules to see where my figure on line 22 came from. This might be proof they will look at the whole return and not just w-2 income. I guess it depends on how Daneco filed... Hope they get straightened out though...

P.S. Just kidding on the used car salesman comment...

[aussiewench 9]

P.S. Just kidding on the used car salesman comment...

I got a good chuckle out of it