i-134 for k1
Mar 1st 2009, 2:23 pm
#1
Questy Questionson
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Joined: Jul 2008
Location: Billings, Montana
Posts: 638
i-134 for k1
My mother is my joint sponsor, we have all ready filled the i-134's and they are in England with my fiance, but we received word that she was approved for a 150k loan that is being deposited tomorrow. Do we have to update the new income on the i-134's and replace the ones we've all ready completed?
Mar 1st 2009, 2:24 pm
#2
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Re: i-134 for k1
My mother is my joint sponsor, we have all ready filled the i-134's and they are in England with my fiance, but we received word that she was approved for a 150k loan that is being deposited tomorrow. Do we have to update the new income on the i-134's and replace the ones we've all ready completed?
Rene
Mar 1st 2009, 2:28 pm
#3
Questy Questionson
Thread Starter
Joined: Jul 2008
Location: Billings, Montana
Posts: 638
Mar 2nd 2009, 2:41 am
#4
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Joined: Apr 2001
Posts: 14,049
Re: i-134 for k1
I can't see how the proceeds of a loan could be considered income. It's a one-shot injection of money that not only isn't going to be repeated on a regular basis, but it has to be paid back over time? Even though expenses are not asked for on an affidavit of support, as a practical matter to the sponsor it is a drain on the 'real' income.
Also, a loan of that magnitude would have been taken out for a specific purpose? And would be backed by some type of asset thus reducing the net asset value?
Lot's of info is missing, necessary to understand the true nature of the situation.
Regards, JEff
Also, a loan of that magnitude would have been taken out for a specific purpose? And would be backed by some type of asset thus reducing the net asset value?
Lot's of info is missing, necessary to understand the true nature of the situation.
Regards, JEff
My mother is my joint sponsor, we have all ready filled the i-134's and they are in England with my fiance, but we received word that she was approved for a 150k loan that is being deposited tomorrow. Do we have to update the new income on the i-134's and replace the ones we've all ready completed?
Mar 2nd 2009, 10:47 pm
#5
Questy Questionson
Thread Starter
Joined: Jul 2008
Location: Billings, Montana
Posts: 638
Re: i-134 for k1
I can't see how the proceeds of a loan could be considered income. It's a one-shot injection of money that not only isn't going to be repeated on a regular basis, but it has to be paid back over time? Even though expenses are not asked for on an affidavit of support, as a practical matter to the sponsor it is a drain on the 'real' income.
Also, a loan of that magnitude would have been taken out for a specific purpose? And would be backed by some type of asset thus reducing the net asset value?
Lot's of info is missing, necessary to understand the true nature of the situation.
Regards, JEff
Also, a loan of that magnitude would have been taken out for a specific purpose? And would be backed by some type of asset thus reducing the net asset value?
Lot's of info is missing, necessary to understand the true nature of the situation.
Regards, JEff
Mar 3rd 2009, 1:58 am
#6
Member
Joined: Apr 2001
Posts: 14,049
Re: i-134 for k1
ap,
I'd leave the I-134 as it is. This $150k is not income.
(Aside - in today's housing market, is 150k of improvements really going to add 250k to what one could get a buyer to pay for a house? Could one even break even on the improvements? Rhetorical questions, even if one's primary residence did have much significance for an affidavit of support.)
Regards, JEff
I'd leave the I-134 as it is. This $150k is not income.
(Aside - in today's housing market, is 150k of improvements really going to add 250k to what one could get a buyer to pay for a house? Could one even break even on the improvements? Rhetorical questions, even if one's primary residence did have much significance for an affidavit of support.)
Regards, JEff
its a home improvement loan...the value of the home is 267k and with the improvements will push the value of our house past the half mil mark, new bathrooms, new kitchens ( we have 2 ) new floorings paint etc etc...sorry i should have provided more info before...the house is listed on the 134 as well
Mar 3rd 2009, 12:58 pm
#8
Questy Questionson
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Joined: Jul 2008
Location: Billings, Montana
Posts: 638
Re: i-134 for k1
and yeah the 150k could push the value that high, i live in a very desired area with a great history and a long lineage of steady residents. we were doubtful about the value being boosted as much as well, but a good kitchen and bathrooms can add 20k to 40k a room. a+ schools, virtually no crime rate...its kind of eerie if you ask me lol
