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i-864 rental income

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Old Feb 9th 2009, 5:05 am
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Default i-864 rental income

Hi it's me again

We are just waiting for an interview appointment to come through for London. (we are applying for CR1 via London). I telephoned on Friday and they said it was received on the 26th January, where it went in between? ( it was sent on the 10th January)

For assets we are using savings and UK Property. Just realised that the property we own in Arizona has rental income that is documented. What I mean in that it has a tenant, has rental agent and we do not plan to move into when we arrive in AZ. We have just received our 1099 stating rental income $9620 for the year of 2007. As this income will continue when we arrive (we plan to rent in Gilbert/Mesa) can we put this down as income and will this help towards meeting our money requirement for a family of 3?

Thanks for any advice.

Amanda
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Old Feb 9th 2009, 7:33 am
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Default Re: i-864 rental income

Originally Posted by mrs Bucket
As this income will continue when we arrive (we plan to rent in Gilbert/Mesa) can we put this down as income and will this help towards meeting our money requirement for a family of 3?
I would certainly think so, yes.

Ian
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Old Feb 9th 2009, 10:11 am
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Default Re: i-864 rental income

Originally Posted by mrs Bucket
Hi it's me again

We are just waiting for an interview appointment to come through for London. (we are applying for CR1 via London). I telephoned on Friday and they said it was received on the 26th January, where it went in between? ( it was sent on the 10th January)

For assets we are using savings and UK Property. Just realised that the property we own in Arizona has rental income that is documented. What I mean in that it has a tenant, has rental agent and we do not plan to move into when we arrive in AZ. We have just received our 1099 stating rental income $9620 for the year of 2007. As this income will continue when we arrive (we plan to rent in Gilbert/Mesa) can we put this down as income and will this help towards meeting our money requirement for a family of 3?

Thanks for any advice.

Amanda
Don't you have to expense out the mortgage, taxes & other $$ that you spend out of the rent received?
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Old Feb 9th 2009, 6:15 pm
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Default Re: i-864 rental income

Originally Posted by meauxna
Don't you have to expense out the mortgage, taxes & other $$ that you spend out of the rent received?
If we do, luckily no mortgage, with expenses income is still $7500.

Thanks

Amanda
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Old Feb 9th 2009, 6:16 pm
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Default Re: i-864 rental income

Originally Posted by ian-mstm
I would certainly think so, yes.

Ian
Thanks Ian, you are always so helpful.

Amanda
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Old Feb 10th 2009, 5:38 am
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Default Re: i-864 rental income

A,

Your past tax returns should provide an indication of what the true rental income is? And if it's ongoing - the tenant is still there and paying at this point in time - then the rental income is indeed a part of your current income.

Regards, JEff


Originally Posted by mrs Bucket
Hi it's me again

We are just waiting for an interview appointment to come through for London. (we are applying for CR1 via London). I telephoned on Friday and they said it was received on the 26th January, where it went in between? ( it was sent on the 10th January)

For assets we are using savings and UK Property. Just realised that the property we own in Arizona has rental income that is documented. What I mean in that it has a tenant, has rental agent and we do not plan to move into when we arrive in AZ. We have just received our 1099 stating rental income $9620 for the year of 2007. As this income will continue when we arrive (we plan to rent in Gilbert/Mesa) can we put this down as income and will this help towards meeting our money requirement for a family of 3?

Thanks for any advice.

Amanda

Originally Posted by meauxna
Don't you have to expense out the mortgage, taxes & other $$ that you spend out of the rent received?
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Old Feb 10th 2009, 5:49 am
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Default Re: i-864 rental income

Originally Posted by jeffreyhy
A,

Your past tax returns should provide an indication of what the true rental income is? And if it's ongoing - the tenant is still there and paying at this point in time - then the rental income is indeed a part of your current income.

Regards, JEff
Thanks for that info Jeff. Will definitely include on I 864.

The tenant has been insitu since July 2007, so our return for 2007 showed some income, and when we file 2008 it will show a full year rental income. The tenant signs yearly contract in July (is a school teacher in the area) so is very happy to be able to live within a mile of her work.

Thanks

Amanda
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