I have a French bank account since 2004. I did not have any money on it until recently when my brother deposited his savings there. Do I need to pay taxes on that?

[gracielama]

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?

[Opus 17]

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.

[TaxGuyBill]

If your total foreign accounts are ever $10,000 (US) or more, you also need to file a FBAR return by April 15th to report it.  That is a completely separate filing, but again, not tax would be owed (but the penalties are HUGE if you don't report them).
<a rel="nofollow" target="_blank" href="http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html">http://bsaefiling.fincen.treas.gov/NoRegFBAR...>

[Opus 17]

@TaxGuyBill I know that TT asks if you own foreign accounts.  Does that lead turbotax to prepare and FBAR?  (If not, why does it bother to ask.)

[TaxGuyBill]

No, TurboTax does not do FBAR, but the foreign asset question is part of Schedule B, and TurboTax may need to file the FATCA form if the assets are high enough.
<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/1900813-can-turbotax-handle-an-fbar-report-fincen-114">https://ttl...>