Gifts are not considered income and are not reported on your tax return.
You are not required to file a FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) report for a foreign bank account where the value never exceeded $5000 during the calendar year.
From IRS comparison of Form 8938 and FBAR requirements:
You are only required to file if: Aggregate value of financial accounts exceeds $10,000 at any time during the calendar year. This is a cumulative balance, meaning if you have 2 accounts with a combined account balance greater than $10,000 at any one time, both accounts would have to be reported.Aggregate value of financial accounts exceeds $10,000 at any time during the calendar year.
