Tax on foreign bank account

[lilycoughlin3]

If I have a foreign account that exceeds $10000, I understand I have to file Fincen114. Do we get taxed on the amount we have in the foreign bank or just the interest we receive from it? It is a checking account and we receive no interest from it. Thank you for your help!

[SusanY1]

No, you do not get taxed on this amount.  There is no tax associated with FinCEN 114 - it is simply an informational form. 

If the account paid interest, that would be reported on your Form 1040 with your other income. 

The only way to owe any money for FinCEN 114 is to not file it- then you could be subject to penalties.