What do US residents have to pay taxes on?

Question

I'm helping some people I know who are going to be moving here in the next few months. They will be coming to the US as US residents.

They were asking me if they were going to have to file taxes every year, and if so, on what?

I know they have to pay taxes on income, but they are both retired, and have their main bank account back home.

Question: will they have to pay taxes on the money they have back in their country? How does this work? I am not very familiar with taxes in general.

Thanks in advance.

Answer 1

AS a US resident you are taxed on all property. Usually when you purchase it. And you are taxed on your income. If they come over with money already, they should not be taxed for it. They had already paid the tax in their own country, so that money is theirs. If they buy a house, they will have to pay property taxed every year, but the bank usually puts that in an escrow account and puts it in your monthly payment, so you really don't notice it.

Answer 2

There are sales taxes for any purchases, Usually around 8% varies from state to state. Some states don't have income taxes Texas and Florida are two that I know of. There are taxes for owning a house. Everyone needs to file an income tax return if they earn an income over a certain amount even retired people. Yes they have to disclose the overseas bank account. Put a link to the Irs website which is who collects the taxes in US.  

Answer 3

Medium class pay taxes for absolutly everything. Rich people do not pay all the taxes we pay. Sooner we will have to pay a tax for the air we breath, and people who can not afford it will perish. We have to start doing something about this. Donald Trump and Robert Kiyosaki are trying to tell us something about why we should start getting rich (Why we want you to be rich is the name of the book). Starting our own business is such a great idea.

A job is a temporary solution for your financial problems, but it can not be seen as a long term solution. The system says... go to school... study hard... and find a job. We have been educated to be employees. But theres is much more to do than just finding a job. If you do not believe me read about Robert Kiyosaki books like (business school, Rich dad poor dad).

Global Businesses will soon not be only a choice but a necessity, why waiting more, start to build your dreams of independence, financial freedom with this oportunity in the whole world.

This two people you are helping to move to the US country are kind of lucky, they could reach a retiment pay, but will we or our babies run the same luck?. Among other things, most of the times  this payment do not cover all the expenses you've got. Communications is the 21th century business, want to know more. about this unique opportunity in the whole world?

Answer 4

they get taxed for EVERYTHING!!