I am a permanent resident who lives in the US since 2004. I kept my savings French account open with just a few euros. Recently my brother, who does not live in the US, deposited in my French account h is savings so he could have them in euros. I have never declared this account because I did not have any money. The account does not produce any interest and actually, costs us $3/year to keep it open. Do I need to declare it and pay taxes?
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Technically, that looks like a gift from your brother to you, and the money is now "yours" for tax purposes. You must report the gift if it is more than $100,000 (no tax is owed, it is a reporting requirement). On your tax return you must answer yes that you control foreign bank accounts. You must declare any interest earned during the year as taxable income. But the gift itself is not taxable.
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